Waivers vs cut is a misnomer. If a player has less than 3 years he is "Waived" and subject to waiver conditions, If a player has 4 or more years there is no such thing as a waiver , because he becomes a free agent immediately. It's not a team decision . You cut the player and based on years it is then determined if he has a waiver restriction or is immediately a free agent. At least that's my understanding of the rules.