What action is needed to move a player from restricted to unrestricted free agency?

To transition a player from restricted to unrestricted free agency, it is necessary for the team to renounce their rights to that player. When a team holds a player's rights, they can retain the ability to match any offer the player receives from another team. By renouncing these rights, the team effectively allows the player to enter free agency without any restrictions, meaning they can sign with any team without the original team having the option to match an offer.

This action is essential in the context of the NFL's collective bargaining agreement, which defines how different categories of free agency operate. The process of renouncing rights is a strategic decision that can affect team composition, salary cap space, and the player's ability to seek new opportunities. Other options like negotiating a new contract, trading the player, or the player failing to be signed do not influence the status of the player's free agency in the same way as renouncing rights does.