There’s a big difference in being waived or released. As the 32 NFL clubs whittled their way down to 53 players, the two terms are often bandied about, but not everyone knows the difference between the two. A player who has been in the league for a minimum of four seasons is considered a vested veteran. That player has to be released. He is immediately eligible to negotiate a contract and sign with any team that is interested in him.
On the other side of that coin is a player who has not yet accrued that many seasons.