Waiver wire

From XOPedia

Outside of free agency, the waiver wire is how you add players to your team. Every day at 6 PM eastern time the waiver requests are processed. If a player is only requested by one team, and the team has a roster spot for him, he will be placed on that team. If a player is requested by multiple teams, priority will be determined by whoever has the lowest waiver priority number.

Players who are picked up from the waiver wire are added to your team with a minimum contract.