All I could find about waivers, it says nothing about whether we drop:
WAIVERSThe waiver system is a procedure by which player contracts orto the waiver system.
NFL rights to players are made available by a club to other clubs
in the League. During the procedure, the 31 other clubs either file
claims to obtain the players or waive the opportunity to do so—
thus the term “waiver.” Claiming clubs are assigned players on a
priority based on the inverse of won-and-lost standing. The
claiming period is three business days from the beginning of the
League Year through the last business day before July 4, and 24
hours after July 4 through the conclusion of the regular season.
If a player passes through waivers unclaimed, he becomes a free
agent. All waivers are no recall and no withdrawal. Under the
Collective Bargaining Agreement, from the beginning of the
waiver system each year through the trading deadline (October
17, 2006), any veteran who has acquired four years of pension
credit is not subject to the waiver system if the club desires to
release him. After the trading deadline, such players are subject
Yet I do remember someone once told me the team drops after picking a player in waivers.