What are waivers?
WAIVERS OVERVIEW
Waivers is the time period by which a player must wait before becoming free agents. Players go into waivers when your draft is complete and immediately after a player is dropped from a team. The standard game system enforces a 1-day waiver period during which time all team owners are allowed to put a waiver claim in to add him to their team. Players on waivers are listed with the day of the week the player is scheduled to clear waivers (ie, "WA (Thu)"). To put a waiver claim in on a player, click the "Add" button. At this time you will be brought through the appropriate adjust roster and confirm transaction pages to submit the claim.

On the date waivers are scheduled to clear, the system looks to see if any teams have a waiver claim on that player. If none do, then the player becomes a free agent who can be added on a first-come, first-served basis. If only one team has a claim on the player, then he is added to that team and the team's priority in the waiver order is moved to the last slot (#10). If more than one team have a claim on a player, then the system looks to see which team has the highest waiver order priority (closest to "1"), that team will win the waiver bid and the team's priority moved to the last slot. All players added to your team via waivers are placed in a bench slot. Each team's waiver priority is displayed on the My Team page.

The waiver process begins daily at 4 a.m. ET.

Note: To help prevent the issue of cycling players through free agency, a player that is added and released on the same day (a 24 hour period from pickup to release) will remain a free agent.