I am having a hard time finding a newer source but I can't imagine this has changed too much since or the CFLPA Would pitch a fit
https://cflpa.com/download/appendix-aa-standard-player-contract-option-year/ --> APPENDIX AA – STANDARD PLAYER CONTRACT – OPTION YEAR --> Originally posted 2014, updated 2020
Under these terms, the Lions have until February 14th, 2023 to inform him that he will be signed for another year under the same terms... Actually reading this it almost seems like they can tell him he gets another year but technically they could pay him whatever he wants in that extra year as long as it is at least 100% of the previous salary. ANYWAYS, if he signs again I presume they decline the option and sign a 3 year deal at least similar to Collaros.