What is the system called where teams can claim the contracts of players released by other teams?

The system where teams can claim the contracts of players released by other teams is known as waivers. When a player is placed on waivers, their current team has decided to release them, but the player’s contract is still in effect for a designated period. During this period, other teams have the opportunity to place a claim on the player. If multiple teams put in claims, the team with the higher priority—generally determined by the inverse order of the league standings—will be awarded the player.

This system helps manage player movement and ensures that released players have the chance to be picked up by other teams, rather than becoming free agents immediately. It prevents a situation where high-profile players get lost in the free agency market without any teams being able to take a claim, which encourages competitive balance among teams.

In contrast, free agency refers to the period when players can sign with any team after their contract has expired or if they are not claimed off waivers. Retirement refers to a player's decision to stop playing professional football and does not involve contract claims. Contract renegotiation involves altering an existing player's contract, which is unrelated to the claiming process that occurs during waivers.