From
http://www.dummies.com/WileyCDA/DummiesArticle/id-2081.html
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a.. Waiver system: The procedure by which a player's contract or NFL rights
are made available by his current team to other teams in the league. During
the procedure, the 31 other teams either file a claim to obtain the player
or waive the opportunity to do so, thus the term waiver. The claiming period
is typically ten days during the off-season, but from early July through
December, it lasts only 24 hours. If a player is claimed by two or more
teams in this period, priority is based on the inverse won-lost standing of
the teams. The team with the worst record has priority. If no team selects
the player, he's free to sign with any team, including his previous
employer. If no one signs him, he is unemployed - technically fired from the
NFL.
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As mentioned above, priority (or right to claim) follows the 1st-round
draft set-up...teams with a worse record are allowed the first choice to
pick up a player. Once the waiver period passes (or nobody worse than us
tries to claim him) we can sign him. If someone with a better record tried,
we could step in and get him based on our record being worse.
Regis
