Yes, a player has three option years but once a player has accrued 3 years of major league service time, there are no options without passing a player through waivers and the player can request free agency ala Josh Paul. Player can also accept the assignment back to the minors if he so wishes. Not quite sure whether the team can pull the player back but I do not think they can which is the risk a team takes in optioning a player back to the minors.