After the deadline, players must pass through "revocable" waivers prior to being traded. For this example, let us assume there is a formerly great player, Maynard Wingtip of the Texas Rangers, who now pretty much sucks except for hitting against LHP, which he still does quite well. Wingtip's contract calls for him to be paid $15 million in each of the next two seasons. The Red Sox have a need for a player who can mash LHP. They have some interest in Wingtip, but only if the Rangers pick up some of his remaining salary. The Rangers have indicated a willingness to do so, if they get some good prospects in return. So, on August 5th, the Rangers place Maynard Wingtip on revocable waivers. These are called revocable waivers because the Rangers can pull him back off of waivers at any time. The Yankees, not wanting the Red Sox to improve themselves, have the option of claiming Wingtip on waivers, effectively blocking the Red Sox from acquiring him. The Yankees have this opportunity because their record is worse than that of the Red Sox. Please see my earlier post about the order of waiver claim opportunity. If the Yankees put in a claim, the Rangers can do one of two things - they can pull Wingtip back off of waivers and keep him, or they can let the Yankees have him, contract and all. In this example, it is extremely unlikely that the Yankees would ever claim Wingtip, because they would most likely wind up stuck with him and his inflated contract. This is why players with small remaining financial obligations generally have trouble making it through waivers and players with large remaining financial obligations often pass through easily. Also, I believe this is true, but am not 100% certain: A team can attempt to get a player through waivers only once. If they try and wind up pulling him back, they cannot later try to get him through waivers again. Please feel free to correct anything I may have gotten wrong.