After recieving additional information from the submitter, the following guidance was relayed back: 

- Unless the contract was awarded using SAP, extending the PoP means renegotiating the terms of the option and will probably require a J&A.

- If the time by which the option CLINs must be exercised is extended via bilateral modification, they can be exercised at that later date. The Contracting Officer may want to exercise the option CLIN now (or at least before September 30) to avoid FY22 funds expiring.