The Phillies have exercised the $8.5 million option on the contract of shortstop Jimmy Rollins for the 2011 season. Rollins will make $7.5 million next season, which is the final guaranteed season under the five-year, $40 million extension he signed back in 2005. He hit .250 with 22 homers, 77 RBIs and a team-high 31 steals last season.