Which of the following is NOT a characteristic of the waiver system?

The waiver system in the NFL serves a critical role in player transactions, particularly for managing rosters and distributing talent among teams. The assertion that claiming players incurs no financial penalties is incorrect within the context of how waivers operate.

When a player is claimed off waivers, the claiming team assumes the player's current contract obligations, which can include substantial financial commitments depending on the player's salary and contract provisions. Therefore, while there may not be a direct financial cost specifically tied to the act of making a claim, the overall financial implications related to assuming the player's contract can indeed be significant. This highlights the caution teams must exercise when navigating the waiver system.

In contrast, the other aspects of the waiver system, such as the reverse order of standings for claims, the necessity for players to clear waivers to become free agents, and the immediate roster addition of claimed players, accurately represent elements of how waivers function. Each of these characteristics reinforces the strategic decisions teams must make regarding player management and roster construction.