Just got this reminder from one of the trades I just got.
You can't lotto protect picks. Just like you can't trade "future picks" (without specifying when the picks will come). You either trade a pick or you don't, we're not keeping track of owed picks and conditions. If I can't enter it into the program at the time of the trade it's not a part of the trade.
Waiver Wire:http://ssba.phillyarena.net/files/rules.htm#fa_waiversAfter having cut a player, the cutting team is unable to sign him for 24 hours. This is to give the rest of the league first chance to sign him. If he hasn’t been signed for 24 hours since he was released, the team that released him may sign him once again.
There won't be any waiver priority. It's still first come first serve. This only restricts the cutting team from immediately picking him up.