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Can a player simply retire and then un-retire and sign with any team? We have seen that happen with Favre last year and possibly this year as well. Green Bay didn't receive any compensation last year when the Jets signed Favre and I don't think New York would receive compensation if the Vikings ink him this year. So my question is what happens if a franchise player like Julius Peppers files his retirement papers and then decides to come back (without missing a season)? Can he then sign with any team without compensation to Carolina?
 
Can a player simply retire and then un-retire and sign with any team? We have seen that happen with Favre last year and possibly this year as well. Green Bay didn't receive any compensation last year when the Jets signed Favre and I don't think New York would receive compensation if the Vikings ink him this year. So my question is what happens if a franchise player like Julius Peppers files his retirement papers and then decides to come back (without missing a season)? Can he then sign with any team without compensation to Carolina?
The Packers traded Favre to the Jets for a 3rd round pick in the 2009 draft. The Jets released Favre, so he is a free agent.

A player can not retire, un-retire and sign with anyone. Even though they are retired, their rights still belong to the team they retired from until their contract expires. That is why Ricky could only return to the Dolphins in 2005 and didn't have his choice of teams.
 
In Farve's case, he conned the Jets into giving him his unconditional release. He unretired and the Packers had his rights, which they in turn traded to the Jets.

http://sports.espn.go.com/nfl/trainingcamp08/news/story?id=3522971

The Brett Favre era in Green Bay officially came to an end late Wednesday night as the legendary longtime Packers quarterback was traded to the New York Jets, the Packers announced.
The exact compensation wasn't immediately available, but it is believed to be a fourth-round draft pick that increases in value depending on how the Jets perform in the 2008 season.

A player's rights are retained by the team he retired from. Barry Sanders would have ahd to come back to Detroit, and, if Peppers retired and came back, he'd be back with the Panthers.

Matter of fact, remeber "Rocket" Ismail? The Raiders drafted him and, he went to the CFL instead. When he came back into the NFL, the Raiders still owned his rights.
 
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