While the July 31 trade deadline was especially active this year, it's become increasingly common for teams to make use of the August waiver period to continue enhancing their team, or helping their rebuild progress. The biggest August waiver trade took place two year ago when Boston dumped Nick Punto and a few other guys on the Dodgers in return for Allen Webster, Rubby De La Rosa, James Loney, Jerry Sands, Ivan DeJesus Jr. and that feeling you get when a tremendous weight has been lifted off your shoulders.
The big news rolling out Wednesday is that the Phillies' Cole Hamels and Marlon Byrd were both claimed on waivers, while resident closer Jonathan Papelbon made it through, per Fox Sports' Ken Rosenthal. If you're wondering what that all means and if it matters, well, this one's for you. Hit it!
Why players are placed on waivers?
It's essentially their team doing two things
1) Gauging market value
Basically, whether a team claims a player lets the team know where that player, and notably, their contract stands with the rest of the league.
2) Flexibility
This is the big one. If a player clears revocable waivers* he may then be traded as he was before the trade deadline. This means that all contractual obligations are still in effect (i.e., partial and full no-trade clauses). Putting players on waivers, even though they might not have any intention to trade them, gives teams the option or flexibility to do so later on in the month, should an opportunity arise.
*Revocable waivers mean that even if claimed, a team may choose to pull the player back, resulting in no transaction. Irrevocable waivers means that if a team claims the player in question, it will receive that player.
What if a player is claimed?
Let's use the aforementioned Phillies above to explain. If a player is claimed on waivers, there are a few different options for the team that placed him there.
1) They can pull the player back
This means that no transaction takes place, and the player will remain with the original team. If a player is pulled back, the team cannot place him on waivers again for 30 days, and if he is placed on waivers again, it cannot be revocable waivers.
2) They can negotiate with the claiming team
The two teams have 48.5 hours to negotiate a deal in which the claimed player would get exchanged. They may involve additional players, but all of those players would have to be placed on waivers and go through either unclaimed, or claimed by the team in question.
3) They can release the player to the claiming team outright
In this situation, there is no negotiation (or potentially a failed negotiation), with the original team deciding the player isn't worth his contract. This just recently happened with Matt Thornton going from the Yankees to the Nationals. The Nationals did not give anyone back to the Yankees, but did assume the contract.
In our current situation with Philadelphia, these options apply to Hamels and Byrd. We don't know which team (or teams) claimed Byrd and Hamels, but Philadelphia is restricted in dealing those two players to the claiming team(s).
What if a player goes unclaimed?
With Papelbon clearing waivers entirely, it signifies that no team was willing to take the risk that Philadelphia would let its closer go just to get out from under the contract. The Phillies are now free to negotiate with any of the 29 other teams regarding Papelbon, though, as well as include him in a deal that involves another, potentially claimed player. All options are available, up until the Aug. 31 waiver trade deadline.
What if multiple teams claim a player?
Multiple teams may submit a waiver claim over the 47 business hour* window that begins when a player is placed on waivers. When this happens, the claim is awarded to the team with the highest waiver priority. Waiver priority is determined by the team with the worst record, starting with the league that the team who placed the player on waivers is in. Using the Phillies as an example, the entire National League gets first crack at the players they placed on waivers, starting with the teams with the worst record. This means the best team in the National League gets a chance to claim a player before the worst team in the American League.
The "worse record" is a tricky aspect, as records are constantly changing. Whoever has the worst record at the end of the 47 business hour window is who ranks highest in waiver priority. Teams are not limited in how many waiver claims they can make, and unlike fantasy leagues, they do not go to "the back of the line" once they claim someone successfully. It is determined by record at all times.
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All of this is to say, what the Phillies have done -- and what your favorite team has done, or is about to do -- is likely to be meaningless. Teams like to have options, so they place players on waivers because there's no harm done. They can pull them off waivers if they so choose. The lesson is not to panic when your best player is placed on waivers, and not to panic when another team claims him. Similarly, claiming a player doesn't ensure that your team will end up with him, but only that it is talking about it (or blocking another team from claiming). For the most part, these are done as part of a routine, and to secure flexibility if they can.