Being waived in the NFL is essentially a process where a player's contract is terminated, and other teams have the opportunity to claim that player and his existing contract. Here's a breakdown:
Termination of Contract: When a player is waived, the team that waived him is cutting ties with him and his existing contract. This means the player is no longer under contract with that team.
Waiver Wire: The player's name is then placed on the "waiver%20wire". This is a notification system that informs all other NFL teams that the player is available.
Claiming Process: Other NFL teams have a limited time (usually 24 hours) to "claim" the player. If a team claims the player, they take on the remainder of his contract.
Waiver Priority: The order in which teams can claim a player is generally based on the current season's standings. The team with the worst record has the highest priority. After Week 3, the waiver order reflects the regular-season standings.
Going Unclaimed: If no team claims the player within the specified time period, he becomes a "free%20agent". As a free agent, he is free to sign with any team that offers him a contract.
Vested Veterans: Players with four or more accrued seasons in the NFL have different waiver rules after the trade deadline. They usually become free agents immediately upon being released instead of going through the waiver process.
Purpose of Waivers: Waivers allow teams to add players quickly during the season, often to fill roster spots due to injury or poor performance. It gives players an opportunity to continue their careers with another team rather than being outright released with no recourse.
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