“Waivers are the process by which owners can select from the pool of available players who are not on a team's roster in the league.”(ESPN)
In fantasy Football game everyone starts with about 15 players, however these are not the player that the owner will have for the whole season. What happens during each week is that owners are able to pick up new players and also drop players. Moreover, all the players dropped from a team’s roster are immediately placed on waivers. During the waiver period, anyone in the league can claim the player. For Instance, there might be a wide receiver that comes out of nowhere, or a running back has an injury and luckily a new running back has started. For this reason you are going to pick up players off of waivers. Unfortunately, many leagues have different rules, therefore, not everyone get the player they want.
There are some fantasy football leagues that will let the owner pick up players all the time. For instance, one of the leagues is the standard league waiver. In this league, if there are several claims for a player then the player is awarded to the team with the best waiver positions. For instance, each week there are player that are very popular, so there will be many teams that will put their claims on a particular player. Furthermore, another fantasy football league is the customizable league waivers which allow managers to adjust the waivers. As you can see both leagues have different rules and settings.
Overall, waivers are use to provide an equal opportunity for all owners to add players to their rosters. Waiver rules may vary depending on the type of league. Moreover, requests for players that are on waivers are not executed immediately and this are put on pending status for a period of time until an owner is finally awarded.
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