Use an extremely tiny font and faded text for that option, next to the other options in large, bold, bright lettering.

change it to eliminate his position

Change to an option for him being terminated of his position..

Keep that part in. On the next slide, "Result of eliminating the position: No more powerpoints made by the fired employee"

I feel like your boss putting you in that position, gives you the prerogative to have a little harmless fun. I would add a picture of you making a sad face to that page, and then submit it to your boss for approval. If your boss has a sense of humor, it would be funny. Maybe if your position is eliminated, your boss plans to move you to another job?

Make the whole presentation pop and then put that option as fine print under option 2.5, that's what people do with information they have to include but don't wanna.

Maybe it's a test. He knew that point was in there, and that it was your position. He just wants to see if you'll put it in the presentation as he requested, to test loyalty or something.

man...what a jackass.

I think he just wanted to let you know that he's firing you in a nice way.

Make the presentation amazing, with pros and cons of each situation. Make the cons for option 3 include stuff about the guy who made this being redundant and how whoever does it next might add sparkles. Add one pro, which is 'it'll open up possibilities of getting rid of more employees, wink.'