Jason Smith has exercised his $5.45 million player option for the 18-19 season with the Washington Wizards.

Smith signed a three-year, $16 million contract with the Wizards during the summer of 2016.

Ernie Grunfeld signed a contract extension with the Washington Wizards several months before their 17-18 season ended.

The Wizards reportedly offered the extension in the fall.

Grunfeld will remain as head of basketball operations of the Wizards at least through the 18-19 season.

Grunfeld was hired in June of 2003.

In the previous 15 seasons under Grunfeld, the Wizards have made it to the postseason eight times but have never advanced past the second round.