Here's something I pulled from the following web page:
Free Agency Rules
Free Agency in the NFL
Free agency explained | Free agent/draft links
Raiders free agents | 2004 Raiders draft picks
Free agency refers to a player's right to negotiate a playing contract with any team he chooses. This is in contrast to the normal NFL rule that a player's team owns all rights to contract with that player to play in the NFL.
A player's right to free agency depends in general on how many years he has played in the NFL1, as follows:
0-2 years Not eligible for free agencyâ€â€termed an "exclusive rights free agent" (must accept what the "owning" club offers or not play in the NFL at all
3 years Restricted free agent
4 or more years Unrestricted free agent
Unrestricted free agents can negotiate with any other team without limitation.
A few players, designated unrestricted-first refusal, who would otherwise be unrestricted free agents, have negotiated rights of first refusal with their old clubs on an individual basis. In such an instance the player's old club has a contractual right to match any offer from a new team (within a specific period of time, generally a few days) and thus retain the player under contract.
Restricted free agents can negotiate with any other team, but their current teams retain a right to match any other team's offer within 7 days, in which case they must remain with their current team. If the current team refuses to match an offer, the league can determine appropriate compensation from the new team in the form of draft picks.
There are several special categories of players whose movements are limited:
Each team can designate one of its playersâ€â€who would otherwise be an unrestricted free agentâ€â€as a franchise (or a transition) player. The club must automatically offer the player a one-year contract averaging the five highest prior year salaries at his position. The player can entertain offers from other teams, but his team retains a right of first refusal. If the player's current team refuses to match an offer, the new team must give up two first-round draft picks as compensation.
The year 2005 deadline for such designations is February 22. See the NFL calendar on this site.
An exclusive franchise player may not negotiate with other clubs. The exclusive designation requires an offer for the average of the highest 5 salaries for the position as of the end of the signing period for restricted free agents (which for 2005 is April 15), or 120% of the player's last year's salary, whichever is higher.
Each team is permitted to designate one of its players as a transition player. Note that these need not be unrestricted free agents. The player's team must offer a transitional player a salary at least equal to the average of the top 10 NFL players at his position (prior year's salaries) or a 20% raise, whichever is greater. He can negotiate with other teams, but his current team retains the right to match any offer. If he is also restricted, and his current team refuses to match an offer, the league can order compensation.
All players not falling into one of the above categories, as well as those who are not tendered an offer by their current teams, are free to sign with any club without their current team receiving compensation.
More on franchise and transitional designations can be found here.
Time frame of free agency for 2005: For restricted free agents, from March 2 to April 15; for unrestricted free agents and transition players, from March 3 to July 22 (or the first scheduled day of the first NFL training camp, whichever is later); and for franchise players, from March 2 through the 10th week of the season (November 13).
Sources: National Football League, ESPN.com, NFL.com
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NOTES:
1. The contract under which athletes play in the NFL (the "Collective Bargaining Agreement" or "CBA") actually defines years of experience using the term "accrued seasons of service," with somewhat arcane rules for defining what constitutes enough roster time in any given year to constitute an accrued season. Accrued seasons are also important for purposes of determining which players are eligible for a team's practice squad.
Last updated Monday, February 21, 2005
