diff --git a/CHANGES b/CHANGES
index a222c1f415..e2309fd339 100644
--- a/CHANGES
+++ b/CHANGES
@@ -1,3 +1,7 @@
+5.0.0-dev.121 | 2022-02-24 09:11:03 -0700
+
+  * GH-1980: Deprecate and return warning for zeek-config's caf-root option (Tim Wojtulewicz, Corelight)
+
 5.0.0-dev.118 | 2022-02-23 10:51:57 -0700
 
   * GH-1949: Remove unused timer_mgr_inactivity_timeout global (Tim Wojtulewicz, Corelight)
diff --git a/VERSION b/VERSION
index d8159b09d7..ed2bbb7963 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-5.0.0-dev.118
+5.0.0-dev.121
diff --git a/zeek-config.in b/zeek-config.in
index 20c3e22475..a25449ff04 100755
--- a/zeek-config.in
+++ b/zeek-config.in
@@ -65,7 +65,7 @@ Toplevel installation directories for third-party components:
 
   --binpac_root         BinPAC compiler
   --broker_root         Broker communication framework
-  --caf_root            C++ Actor Framework
+  --caf_root            C++ Actor Framework (deprecated, will be removed in 5.1)
 "
 }
 
@@ -100,7 +100,7 @@ while [ $# -ne 0 ]; do
             echo $build_type
             ;;
         --caf_root)
-            echo $caf_root
+            echo "The caf_root option is deprecated and will be removed in 5.1. The Broker API has been updated to no longer require access to CAF to build against Broker."
             ;;
         --cmake_dir)
             echo $cmake_dir