Actually they do go on waivers. Its called Trade Waivers. When a player on trade waivers is "claimed" the team that placed him on waivers can either:
a) Work out a trade
b) Rescind the waiver
c) Do nothing and let the claiming team take the players contract (normal waiver)
If the claiming team rescinds the waiver, they cannot do a trade waiver again on that player for that season.




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