Andy Pettitte has made an honorable decision – if he pitches in 2008, it will be for the Yankees. He respects the fact that they awarded him a $16MM player option. Sure, he could decline it and get a bigger multiyear package elsewhere. Many speculated he’d do so. However the extra money isn’t a concern for him.
My best guess is that he’ll exercise the option. That would be odd, though, a player exercising a player option when it actually represents his true worth.