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A player is put on waivers which means any team can pick him up. But first the team in last place in the league at the time has first chance to claim him and if no one claims him in his league then it goes to last place of other league and so on. Once a player is claimed several things will then happen. One his team can just let him go and the other team will take his entire contract. Two the two teams can work out a trade for more players. Three his team could just pull him back off waivers and then it's like nothing ever happened.

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