Under the terms of the collective bargaining agreement, the first two seasons of a first-round draft pick's contract are guaranteed, and the team has the option to extend the contract for a third and fourth season.
Young, a third-year guard, will remain under contract through the 2010-11 season and will earn roughly $2.6 million. McGee, a second-year center/forward, had his contract extended to a third season and is due to earn about $1.6 million next season.
"I'm happy to know I'm still on the team and they still believe in me," Young said. "I try not to think about those things, how certain my future was with the Wizards . But now I know I'm here for another year, it's all right."
McGee said he hadn't thought that far ahead but was encouraged by the move.
"It's a good opportunity," he said. "It shows they feel like I have a potential to have a bright future here."
NEW JERSEY Nets at WASHINGTON Wizards
When: 7 p.m.
Where: Verizon Center
TV/radio: CSN, FM-106.7
Probable starters: Nets - F Yi Jianlian, C Brook Lopez, G Chris Douglas-Roberts, G Courtney Lee, G Devin Harris. Wizards - F Fabricio Oberto, F Caron Butler, C Brendan Haywood, G Mike Miller, G Gilbert Arenas.
Injuries: Nets - Out: C Tony Battie (knee), G Keyon Dooling (hip), F Jarvis Hayes (hamstring). Wizards - Out: F Antawn Jamison (shoulder), G Javaris Crittenton (foot).
Outlook: The Wizards' home opener is their third game of the week and second in as many nights. The Nets also will be playing for the second night in a row. The teams split four games last season; the visiting team won each matchup.