For those interested, this was cut from the above link:
“To make a trade from now until Aug. 31, the day a player must be on a team's roster to be eligible for postseason play, any player on a 40-man roster must clear Major League waivers. That is, the player must be offered to the other teams in reverse order of the standings, and if he is claimed by one of the teams, he cannot be traded. The club that placed the player on waivers can either withdraw the request and keep the player, or let the player go to the claiming team, which would then have the rights to the player.
A waiver, which is a permission granted for certain assignments of player contracts, can get complicated if more than one team makes a waiver claim. If more than one club in the same league makes a claim, then the club currently lower in the standings gets the player. If clubs in both leagues claim the player, preference goes to the club in the same league as the club requesting waivers.” With players like Juan Gonzalez, Rafael Palmeiro, Brian Giles, Jason Kendall, and former Yankee Rondell White possibly being waived, don’t be surprised if N.Y. has one or two more moves up its sleeve.