Simply put, NHL waivers are situations in which teams release players to other teams prior to sending them to a lower league, typically the AHL. Other NHL teams may claim a player placed on waivers within a 24-hour period. The player joins the new team under the terms of his existing contract, if it is claimed.
The original team has the option to retain the player or send them to minors if they are unclaimed. In addition to maintaining competitive balance, waivers stop one team from accumulating players. Rookies and players with fewer years of experience are among the players who frequently do not get placed on waivers.