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The whole point in an option is whether or not to pick it up or not. If it's not picked up then it should be $0 cap hit and the player becomes a FA.
I would like to make some points about options1) Options need to be valued lower because they are not guaranteed. A team who offers a 2 yr contact with an option should be less valuable than a 3 yr contact.2) If you're going to do a team option you should also do a player option as well. Not sure if that's what is meant by the opt out, but they're generally different. Also, I think if you're going to do options, we should consider the vesting option, which is based on playing time.