WASHINGTON — The Washington Wizards exercised their third-year options on forward Oleksiy Pecherov and guard Nick Young on Monday.

Young was the No. 16 overall pick in the 2007 draft, and Pecherov was chosen 18th overall in 2006, but he played the 2006-07 season overseas before joining the Wizards.

Young averaged 7.5 points and 1.5 rebounds in 75 games as a rookie, while Pecherov averaged 3.6 points and 1.9 rebounds in 35 games.

Both players signed standard first-round draft pick contracts. The first two seasons are guaranteed, while the third and fourth seasons are option years at the discretion of the team.

"Nick and Pech both showed a great deal of potential as rookies and we're counting on them to continue to progress and contribute," team president Ernie Grunfeld said. "We like the fact that we have a group of promising young players behind our established veterans."