I put the new waiver wire system up pretty quickly and still working out some of the details. While I am polishing that up, wondering about what most GMs think how it should work while it is still under construction.
This applies to any player cut who has under 4 years experience. They don't become free agents automatically anymore but hit the waiver wire for 48 hours. If unclaimed in that time, they become unrestricted free agents. If claimed, the claiming team (worst record last year decides who has highest claim, and current standings in mid-season after week 4) takes over the player's existing contract for salary and roster bonuses. To claim a player now, keep an eye on Bort Report transactions on the league homepage and eligible players will have a (claim) link after their name. That's working but not entirely complete yet, so let me know your preferences on details to finish it. thanks
Waiver System Details
Waiver System Details
Official Statement from the Commissioner's Office