The Kansas City Chiefs have indeed exercised the fifth year option on 2013 top overall pick Eric Fisher. This comes according to ESPN's Adam Schefter. The deadline to exercise the option was today.
Chiefs exercised 5th-year option on former 2013 No. 1 overall pick, OT Eric Fisher, per source.
— Adam Schefter (@AdamSchefter) May 2, 2016
Fisher is already under contract for 2016. This fifth year option is for the 2017 season. The Chiefs had until today to decide whether they would pick the approximate $11.9 million option up.
Your first reaction is probably: Eric Fisher isn't worth $12 million per year! Why would they do this? I would point out that this option is not fully guaranteed. The Chiefs can still decide to cut Fisher before free agency next March and face no cap hits. The option is guaranteed for injury which means Fisher would get it if he were to be injured so bad that he would miss the 2017 season. That was a concern for Washington who picked up RGIII's option last year (which is why they kept him in a bubble all season) but that's not likely to happen with Fisher. So, no, the Chiefs are not automatically putting $12 million on the books next year.
The Chiefs best course here would be to sign Fisher to an extension. Something that's a little more reflective of his value, like something under $10 million per year. Anything more than that then the Chiefs should say goodbye and draft their next left tackle in the 2017 draft. That's their leverage here. Chiefs GM John Dorsey told us in March that they have talked extension but it's not clear where those talks are.
Considering the Chiefs didn't draft a tackle this year, I would bet an extension is the likeliest outcome here.