waiver wire

noun2

1. •
   (US, Canada) a league-wide list to which an inexperienced player is added for a short period when cut from a team's roster; any team in the league may make a claim for the player during the period, at the end of which the lowest ranking claimant has right of first refusal, or the player may become a free agent if unclaimed

   • Typically, the waiver wire process is 24 hours, but on cutdown day, it’s slightly shorter. — 2025
2. •
   (US, Canada) a similar period during which managers can claim a player, with successful claimants decided in various ways depending on the league.