The move means that Ballard will hit the waiver wire and will be available to all teams. The catch is that he's out for the entire 2012 season so you would basically be buying his rights understanding he won't play in 2012. Because of that it seems unlikely he will be claimed.
If he isn't claimed, he will revert back to the Giants and be placed on injured reserve. Both Ballard and his agent have confirmed that he expects to be back with the Giants if he's not claimed.
Thanks for love everyone but don't worry, its a business, I'm on the road to recovery, and I believe I'll be in a Giants uniform in '13— Jake ballard (@NYG_J_Ballard85) June 11, 2012