Out of options can often be the deciding factor on a player being on the 40-man roster or not. MLB Trade Rumors has the latest list and the Boston Red Sox have several players that have less than five years service time and no options remaining.
To send a player out of options to the minors requires they be placed on waivers and any team can then claim them. That has a certain risk element since the team that places a waiver claim assumes the contract.
Boston easily had Allen Craig and Rusney Castillo going through waivers since no one had a level of insanity necessary to place a claim and absorb contracts that had “Dead Money” emblazed upon them.