Any player can be placed on waivers. If claimed, the claiming team takes on the same proportion of the player's salary as they would if they had acquired them via trade. These percentages can be found under Section 6.4 of the rule book.
After 24 hours, the team can:
- call up the player
- send the player down (if the player is under the VHLM TPE cap)
OR
- release the player (keeping 50% of the player's salary for that season)
The relevant section in rule book for Waivers is Section 7, additional information pertaining to releasing players can be found in Section 8.