Once the waiver period starts each year through the trading deadline, a vested veteran — a player who has acquired four years of pension credit — is not subject to the waiver system if the club decides to release him. That means if a team decides to release a vested veteran, the league considers his contract to be terminated immediately and he is free to negotiate and sign with any other club. From the trading deadline through the end of the regular season, vested veterans are subject to the waiver process.