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Players can opt out by August 1st. If they opt out they can't take it back they are done for the season. If they opt out they get no base salary or bonus money that would be owed to them after opting out. If they opt out their contract will toll. They can not regnoatie a contract if they opt out. If they opt out they can not hold out for the 2021 season as it would be considered a breach of contract. If a player has a contract past 2020 they would be able to get a $150K advance on their 2021 salary.
profootballtalk.nbcsports.com

NFL's opt-out offer carries a renegotiation loophole
PFT has obtained the full contents of the NFL's most recent proposal to the NFL Players Association, which means that the weekend will feature a series of blurbs regarding various aspects of the league's position.
