The term 'Hollywood Squares Option' refers to the popular game show of the same name. The game involves two contestants who take turns answering questions in order to win points. The object of the game is to AGREE with the celebrity panelists, represented by an X or an O, in order to gain points. The crossword solution for this term is 'AGREE, ' which is a five-letter word. Agreeing with the celebrity panelists is the key to winning the game and thus the Hollywood Squares Option.