Bold 2: the only saving grace is his cap hold is going to be $14.5M. Granted that is still an extra $5-5.5M but less than the $23M he could get based on max salary. A lot of people play the loyalty card but anything can and most likely will happen. Look at Parsons - that was thought to be a slam dunk case of *wink,wink* but as it turned out it was anything but once Parsons/his agent felt slighted by negotiations.
Bold 3: A lot of current and former and former now current posters here use the benefit of hindsight to justify giving the contract as is in the first place. Well, that logic permits one to say there never should have been a player option for all the reasons DanH said.
2016 is going to be interesting. The Wizards are already gearing up by hiring Durant's high school coach.