The concept of “waivers” is a tricky one. When a National Hockey League club places a player on waivers, they risk losing their player’s contract and rights, as all other teams have the option of absorbing the player’s deal. If they do, that player – their contract, playing rights, and all things that pertain to them – are off the books.
Not every player is eligible for waivers, however. In most cases, players on two-way contracts and entry-level contracts can be assigned to any minor league, NHL, or junior rosters with no risk – these players are generally prospects that see some NHL time but haven’t yet graduated to the big leagues.