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The concept is that it's no longer an "option" if it's a trigger - it's instead what you could call a "conditional" extension.Clause 21.1(g) excludes any option to extend the term of Papley's contract. The argument that 21.1(g) does not apply to a "bilateral" exercise of an option does not make sense.
Suppose the Papley contract stated "if P plays 10 games in 2019 then either the Swans or P (i.e. both) may opt to extend his contract to 2024."
In this case since both may exercise the option, each may unilaterally exercise the option to extend the term of the contract. That is precisely what is excluded by 21.1.(g).
Not really any different to a lease that states that if no notice is given, the lease continues to roll month to month.