The concept for ”option” has been developed for a period of time. It is generally applied in the financial market or in the stock investment. However, it was quite late to apply this concept to American professional sports. Based on the option theories in the financial industry, this research was to introduce the contents and categories of options and discuss the applications in the financial market and in professional sports. Further, this study made analysis of the features and functions of option applications. The result suggested the related authorities, including industries, government, and academic institutions should discuss more on topic of players' work right, players' insurance policies, and players' retirement schemes and this research can be referenced by future researches.