In NHL, what are 'waivers' exactly?...read on plz?

Question

Here is a news report i found on Guerin in Yahoo NHL news: my question follows after.....

'The Dallas Stars placed Bill Guerin on waivers Thursday and intend to buy out his $6.7 million contract if he's not claimed by another team.
If the 35-year-old Guerin clears waivers Friday, which is likely, the Stars will pay him $4.4 million over the next two seasons and he would become an unrestricted free agent Saturday. He's Dallas' highest-paid player. '

What are waivers, what is taht stage. does taht mean taht they have jsut made him a free agent, or is 'waivers' step before? Please explain. thank you.

THis is for NHL - National Hockey League (not nfl)

Answer 1

OK the one basically had it correct. You put a guy on waivers and that is just before free agency. You say Hey anyone want this dude at this contract. Every team in the league has the chance to then pick them up at that contract. If they all say nah then the player goes back to the team. If someone picks him up then they have to pay the player at the contract of the team that put him on waivers. You don't have to give them anything else. It is a little like a free agency. If the player clears waivers then the team has to figure out what to do with them but have to pay the contract. They are saying they will try to buy it out.

Answer 2

Waivers a re a chance for another team to pick up the player, but at the same time if they do, then they also have to pick up the players contract with the old team, if the player clears waivers, then the old team is still responsible for paying his old contract, no matter what team picks him up, that then makes the player a free agent, in which he can negotiate with any other team, and the old team is still responsible for paying out his old contract with them.

Answer 3

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Answer 4

waivers means that the stars no longer want his services and are offering him to the other teams to take. If he clears waivers(no teams take him), Dallas will either have to keep him and continue to pay him or they can buy-out(pay a portion of his contract and make him a free agent) then the other teams could try and negotiate a contract with him.

Answer 5

Dallas did not want to pay Guerin the $s he was negotiating, so Dallas puts him up for sale so to speak, e. g. waivers. If another team does not pick him up, then Dallas can say, "see, we told you, you're not worth that much money. Then Guerin would have to have come back to Dallas, but he could have been picked up by another team, but Dallas would not receive a player in return, e.g. compensation.

Answer 6

3. Permission for a professional athletic club to assign a player to the minor leagues or release a player from the club, granted only after all other clubs have been given the opportunity to claim the player and have not done so.

Answer 7

I think it means that any team has the right to claim the rights and obligations for that player.

Answer 8

Any team in the NHL can pick him...

Answer 9

NFL?