What does "waived" mean in the NFL?

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National Football League
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Once the player is waived from the roster, he is immediately placed on the "waiver wire," a chain of the of 32 teams ordered from worst to best based on the previous season's finish. The player is first eligible to be signed by the worst team, followed by the second-worst club, all the way down the line until he is signed. When the player goes through the entire wire unclaimed, he becomes a free agent and may sign with anyone, the same status a "released" player is granted.

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