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It's a temporary status for players who are released by their team. A player released between Day 1 and the end of the regular season stays on waivers for 24 hours. During the waiver period other teams may claim a waived player. If more than one team tries to claim the player, the team with the worst record gets him. If a player on waivers is claimed, the new team acquires his existing contract and pays the remainder of his salary. There is also a fee of 1,000 player points for claiming a waived player.
Players only go on waivers if traded and than released within the next 7 days. And for now on once it is posted that a player is cut theres no taking him off waivers rather you know the rule or not.
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