Can someone explain the Post Draft Players feature on Yahoo?

Question

There are two options. Free Agents and Follow Waiver Rules. Please do not just explain what a waiver wire is or a free agent is, I already know. Answer the question like this:

I played last year with the option set to Free Agents. If I set it to 'Follow Waiver Rules' - tell me exactly how it will CHANGE.

PLEASE ANSWER THE QUESTION LIKE THAT.

Answer 1

When it is set to Free Agents, a player not on a team roster is available at any time to pickup, even after being dropped. If it is switched to Follow Waiver Rules, there will be a time period immediately after the draft and after a player is dropped in which the player cannot be added by any team (default is 2 days). Also if you put in to pick up the player when he comes off waivers it will follow waiver priority which is determined by draft order (priority is the reverse of the draft order). If you have the 4th waiver priority and someone at 3 also puts in for the player, they will get him because they have priority. Once you pick someone up using the waiver priority you go to the end of the line in priority.