The NFL's waiver wire process applies to players who have less than four seasons of league experience and are released from any of the league's 32 teams. Once a player with less than four seasons of league experience is cut or released from a team, the other 31 teams are given the chance to claim the player from the waiver wire. A team that claims a player from the waiver wire assumes the terms of the original contract agreed upon between the player and the team that released him.
Read more: NFL Waiver Rules | eHow.com
NFL Waiver Rules | eHow.com