In Major League Baseball (MLB), a minor league option refers to a team's ability to send a player on its 40-man roster to the minor leagues without exposing him to waivers. Here's how it works:
Key Points About Minor League Options:

Option Years:
A player has three option years. During each of those years, the player can be sent to the minors an unlimited number of times without being exposed to waivers.

How It’s Used:
When a team "options" a player, they are temporarily assigning him to a minor league affiliate. The player remains on the 40-man roster, but not the 26-man active roster.

Service Time:
Optioned players typically don't accumulate MLB service time while in the minors, which can affect arbitration and free agency timelines.

Out of Options:
Once all three option years are used, the player is considered "out of options." If the team wants to send him to the minors again, they must first place him on waivers, giving other teams a chance to claim him.

Exceptions:
A fourth option year may be granted in rare cases, usually when a player has missed a lot of time due to injury or other circumstances.

Example: Player with Options Remaining

Let’s say John Smith is a pitcher on the New York Yankees' 40-man roster, and it's his first full year on that roster.
Year 1:

The Yankees call him up in April, but after a few rough outings, they option him to Triple-A.

In May, they bring him back up, then send him back down in June.

Later, they call him up again in September.

Result: Even though John was sent down three times, it all happened in the same year, so it only uses one option year.
Year 2:

Same thing happens. He bounces between the majors and minors throughout the season.

Result: That's option year 2 used.
Year 3:

Same deal. Another year of shuttling.

Result: Now he has used all three option years.
Year 4:

If the Yankees now want to send him down again, they must place him on waivers, meaning any other MLB team can claim him before he can be sent to the minors.

As of the 2024 season, Jhonkensy Noel had not been added to the Cleveland Guardians' 40-man roster

Oh - and this list was dated end of February so you can add Nolan Jones to that list

Apologize if that is wrong. I can not find another source. I will check around.

Then I believe it.