In the NFL, to "waive" a player means the team is making that player available to other teams through the "waiver wire" system rather than immediately terminating their contract. This process applies primarily to players with fewer than four accrued NFL seasons. When a player is waived, other teams have a 24-hour period to claim the player and assume the existing contract under the same terms. If no team claims the player within that time, the player clears waivers and becomes an unrestricted free agent, free to sign with any team

. Key points about waiving in the NFL:

• Waiving is used for players with less than four years of service; these players must pass through waivers before becoming free agents

• The waiver period typically lasts 24 hours during the season, and once a player is waived, the original team cannot retract the waiver or change the player's status

• If claimed, the player joins the new team with the same contract terms.
• If unclaimed, the player becomes a free agent.
• Waiving an injured player notifies the league of the injury; if unclaimed, the player reverts to the original team's injured reserve list, with the team deciding whether to keep or release the player with a settlement

This contrasts with "releasing" a player, which applies to veterans with four or more accrued seasons. Released players immediately become free agents without going through the waiver process

. In summary, "waive" means the player is placed on a waiver wire for other teams to claim before becoming a free agent, mainly affecting younger or less experienced players in the NFL.