Under terms of the collective bargaining agreement, which created a rookie wage scale in 2011, first-year players sign four-year contracts, but teams have an option to exercise a fifth-year option for first-round picks.
Austin, the eighth overall pick in 2013, was the Rams' leading receiver last season, catching 52 passes, five for touchdowns. He also rushed for four touchdowns and scored on a punt return.
Players selected in the top 10 of the draft earn the average of the 10 highest salaries at their position, so Austin will earn about $12.3 million in 2017.
Ogletree, selected 30th, suffered a season-ending ankle injury in the fourth game last season. With the release of
Players drafted after the top 10 earn the average of the third through 25th highest salaries at their position, so Ogletree will earn about $8.4 million in 2017.