A bye in sports is the position of a participant in a tournament who advances to the next round without playing
This information is taken form http://www.chacha.com/question/what-does-bye-stand-for
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A BYE is where one or more teams rest for a round this is used around Origin usually
BYE is a point, where the team rests
It means that every team in a NFL season has one week off. Like if they say Dallas Cowboys are going to have there bye week.