I don't know if I'm understanding you properly, DC.

The way I understand it, if a player is released, he goes on waivers. The waiver designation will be taken off 2 days from the time he is waived. If someone tries to claim this player while he is on waivers, it will say something to the effect of:

"Player A for Player B pending until Sept X"

If no one else tries to claim him or at least if no one else with a higher waiver priority tries to claim him, the team trying to pick up this waived player will get him.