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All players dropped from a team's roster are immediately placed on waivers. During this waiver period—two days in Public Leagues and anywhere from zero to seven days in Custom Leagues—anyone in the league can claim the player except for the manager who dropped the player.
(Please note that a player added and dropped on the same day will remain a free agent. If a player is signed as a free agent and dropped that same day, he will not be subject to waivers.)
So, if a player in a Public League is dropped on a Wednesday afternoon, all managers can claim him until Friday at 11:59:59 pm PT. The player will then be assigned to their new team roughly four to eight hours after the claim deadline. Regardless of the time at which the claim is processed and the player was assigned to a team, all managers had their claims in by 11:59:59 pm PT.
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