Mike Evans has completed his third season in the NFL and is eligible for a long-term contract, but to my understanding, picking up his fifth-year option is likely the cheaper of the two at this point. It isn’t common for players, even those drafted in the first round, to be given a new deal just after the third season, however, the Buccaneers will likely offer that new deal after this fifth year has been completed.
Offering Mike a contract extension now would be pointless, although Tampa clearly has the money to pay him. But picking up his extension will keep him on the team for one more year and is not as costly. Once his fifth-year option is up, then a new option becomes available and that’s whether to franchise him or give him a new contract. Due to the way Mike has played, I’d Expect his future contract to be one for the record books.