The NFL is indeed preparing to start the 2011 league year but with certain conditions.
The NFL released a statement announcing that they have requested a stay from the 8th Circuit Court of Appeals on the injunction issued by Judge Susan Nelson and that coaches can now begin talking with players with certain conditions. See the full statement here.
They announced that on Friday at 8:00 a.m. (ET), teams will be allowed to do the following:
-Players will be allowed in the building for physicals, rehab and other medical treatment.
-Teams can hand out playbooks and game film to the players.
-Coaches can meet with players to discuss the playbooks, game film and the offseason schedule.
-Voluntary offseason workouts can begin and players will be eligible for workout bonuses in their contracts.
-On non-workout days, players can use the facility to work out on their own.
-Mandatory and voluntary minicamps can begin.
-Those in the NFL's substance abuse or steroid programs can begin receiving counseling, rehab and treatment.
-Players can begin participating in team-sponsored charitable events.
As for other player transactions, like signings and trades, the NFL will send to all NFL teams a "comprehensive set of procedures governing such transactions. This will include the timing for the commencement of the 2011 League Year, free agent signings and other customary player transactions."
To reiterate, no player transactions will be happening until the league year has officially started, which would appear to be sometime soon.