Just in time for the regular season cutdown. After tonight's sim any players that have been cut will be available on the waiver wire. You will see the top 10 waiver wire players on the home page under the schedule if there are any available. (Cuts up to this point have not gone on the waiver wire, so it begins with tonight's cuts)
The way it works is that you can make a claim request on a player who is on the waiver wire. All offers are to take over the base salary of the player. The team with the worst record has the first opportunity to get the player (in the first half of the season the previous season is considered in this).
Waiver wire claims are only processed on midweek stages, because it's much less likely that you'll get the player than a regular contract offer during the season.
Let me know if you notice any peculiarities as you work with it.