what is the difference between cutting, waiving and releasing players?

[spiketex]

I realize that they're all gone but I'd like to improve my NFL comprehension to understand the difference between each of the three.

 

[where's th'fish]

No difference at all

 

[Tupac Shakur]

placing a player on waivers means that he must go through the "first in first out" claim process wherein teams with the worst records can place a claim on a waived player before teams with a good record. order is similar to nfl draft order.

terminating a contract is usually used to describe releasing/cutting a veteran player not subject to the waiver process