What does put on waivers mean in baseball?

Answer 1

The player will not count against his teams active roster and the team forfeits his rights so that any team could negotiate or sign the player

Answer 2

Waivers means a few things, but most importantly, the player can be picked up by another team.

Answer 3

Some reasons are that the player cannot be protected, or he is of no use to the team, the team cannot afford him or it is a step used before the team can release him.