Sometimes there are situations where a team has an option to excercise a pick from another team that was traded to them,the option being to excercise it THIS YEAR or NEXT.. Does anyone know how soon the option-holding team must announce their decision as to which year they will excercise their choice? AN example is: the L.A. KINGS hold 1st option on a VANCOUVER 2nd round pick for either 2007 or 2008 ...IF they defer to 2008,the pick goes to the 2nd option-holder which is CHICAGO in this case,but if LA uses the pick in 2007,CHICAGO must wait till 2008 for VAN's 2nd rounder.. My question is: WHEN MUST L.A. inform CHICAGO of their decision? i) by a certain date before the draft begins? or ii) anytime before the draft begins? or iii) anytime before round 2 in this case? or iv) just before the clock starts on that pick slot in round 2 to which this option pertains?