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Though player drafts have commonly been utilised to equitably disperse amateur talent and avoid bidding wars, often they have also been accused of creating a monopsony labour market which restricts player movement. Within the Australian Football League (AFL) some have called for the increase of the initial draftee contract from two to three seasons, which further pushes the envelope on monopsony power. Instead of increasing the contract length, this paper suggests a call option to be purchased by the teams allowing them to add a further season to the draftee contract at a predetermined compensation package should they choose to do so at the end of the initial contract. The call prices per pick were calculated using the Black-Scholes model and were valued between 1% and 1.5% of the pick value. However, it failed to follow a monotonic function similar to pick value, owing to managerial overconfidence and sunk investment plays. Overall, the findings allow teams to procure the option of increasing initial draftee contracts and not impede further on a player’s ability to move.

球员选秀制度常被用于公平分配业余球员天赋、规避竞价战，但该制度也常被指责构建了买方垄断（monopsony）劳动力市场，限制球员流动。在澳大利亚足球联盟（Australian Football League, AFL）中，部分人士呼吁将新秀初始合同的期限从2个赛季延长至3个赛季，这一举措将进一步强化买方垄断势力。本文并未采用延长合同期限的方案，而是提出由球队购入一项看涨期权（call option）：若球队在新秀初始合同到期后选择行使该权利，可按照预先设定的薪酬方案，将新秀合同追加1个赛季的期限。研究采用布莱克-斯科尔斯模型（Black-Scholes model）计算了各选秀签对应的期权价格，结果显示其价值介于选秀签价值的1%至1.5%之间。不过受管理层过度自信与沉没投资行为的影响，该期权价格并未呈现出与选秀签价值相符的单调函数变化规律。总体而言，本研究的结论可为球队提供延长新秀初始合同的选择权，同时不会进一步阻碍球员的流动能力。