"How does this 'player option' thing work?"
I don't know about you, but figuring out who has an option remaining, and/or how many of them, has always puzzled me. Like today, when so many thought that Francisco Cervelli was out of options, meaning he couldn't be sent down to AAA without passing through waiver first. Turns out that, according to Mr. Brian Cashman himself, Frankie does have one option remaining. Which is big since the Yankee catching spot is wide open (albeit not good), meaning it would be great to keep around as many different players as possible that could fill that spot.
On top of Cervelli, Cody Eppley, Eduardo Nunez, and Ivan Nova also have one option remaining. Although they are expected to make the team anyway, Chris Stewart and Clay Rapada do not have any options left.
The team will likely lose one of their right-handed hitting players, as both Juan Rivera and Matt Diaz can opt-out of their contracts should they not get a spot on the Active Roster. Both players could probably find a big league job somewhere else in MLB, so I can't imagine they'd take a AAA assignment.