Sports Transaction Glossary: Trades, Signings and Breaking-News Terms A to Z

A plain-English sports transaction glossary covering waivers, DFA, franchise tags, Bird rights, LTIR, transfer fees, NIL and other breaking-news terms.

Updated 2026-10-03.

In this guide

A
B
C
D
E
F
H
I
L
N
O
P
Q
R
S
T
U
W
More guides

Breaking sports news comes with its own vocabulary, and every league adds a few terms of its own. This glossary explains the words you will see most often in trade, signing and injury headlines, with a note on which league or sport each one applies to. Rules change over time, so for exact numbers and deadlines, check the league’s official rules.

A

Agreed to terms: The two sides have a deal in principle. Paperwork, a physical or league approval may still be pending, but the deal is very likely to happen. Used in all sports.

Arbitration: See salary arbitration.

B

Bird rights: An NBA rule that lets a team go over the salary cap to re-sign its own free agents, provided the player has been with the team (or traded to it) long enough. Named after Larry Bird. There are full, early and non-Bird versions with different limits.

Buyout: A negotiated or contractual payment to end a contract early. In the NBA, a player and team often agree to a buyout so the player can be waived and sign elsewhere. The NHL has a formal buyout process that spreads a reduced cost over several seasons. In college football, a buyout is the money owed when a coach is fired or leaves early.

C

Catchweight: An MMA bout contested at an agreed weight that does not match a standard division limit, often because of a short-notice replacement or missed weight.

Claimed off waivers: When another team picks up a player who has been placed on waivers, taking on his contract. NFL, NBA, MLB and NHL.

D

Dead money (dead cap): Salary cap charges for a player who is no longer on the roster, usually from signing bonuses already paid. Most common in the NFL.

Designated for assignment (DFA): An MLB move that removes a player from the 40-man roster. The team then has a short window to trade him, release him or send him outright to the minors after he clears waivers.

Designated Player: An MLS roster designation that lets a club pay a limited number of players beyond the league’s normal salary budget rules.

E

Exclusive rights free agent (ERFA): An NFL player with very little service time whose contract has expired. If his team makes a qualifying offer, he cannot negotiate with other teams.

Extension: A new contract signed before the current one expires, keeping a player off the free-agent market. Used in all leagues.

F

Franchise tag: An NFL tool that lets a team keep a pending free agent for one more season on a one-year salary set by a league formula. The exclusive version blocks other teams from negotiating; the non-exclusive version lets other teams make an offer, which the original team can match or decline for draft-pick compensation.

Free transfer: A soccer move in which a player joins a new club after his contract expires, so no transfer fee is owed.

H

Here we go: Soccer reporter Fabrizio Romano’s signature phrase confirming that a transfer is agreed in principle. Widely used shorthand among fans for a done deal.

I

Injured list (IL): MLB’s list for injured players, who do not count against the active roster while on it. Stints come in set minimum lengths.

Injured reserve (IR): The NFL and NHL list for injured players. In the NFL, a player on IR must miss a minimum number of games, and teams can bring back a limited number of players each season. In the NHL, IR frees a roster spot.

L

Loan: A soccer arrangement in which a player temporarily joins another club, usually for a half or full season, while his original club keeps his rights. Loans can include an option or obligation to buy.

Loan with option or obligation to buy: A soccer loan that includes a pre-agreed fee for a permanent transfer. With an option, the borrowing club may buy. With an obligation, it must buy, often if conditions such as appearances are met.

LTIR (long-term injured reserve): An NHL designation for players expected to miss an extended period. It can give teams salary cap relief to replace the injured player.

N

NIL (name, image and likeness): The right of college athletes to earn money from endorsements, appearances and other uses of their name and image. Allowed since 2021, and now part of a broader system in which schools can also share revenue with athletes.

No-movement clause (NMC): An NHL contract clause that prevents a team from trading a player, placing him on waivers or sending him to the minors without his consent.

No-trade clause (NTC): A contract clause that lets a player block trades, either fully or to certain teams. Found in MLB, NBA and NHL contracts. In MLB, players with 10 years of service and five straight years with the same team gain full no-trade rights, known as “10-and-5 rights.”

O

Offer sheet: A contract offer from one team to another team’s restricted free agent. The original team can match it and keep the player or decline it. In the NFL and NHL, declining usually brings draft-pick compensation. Used in the NFL, NBA and NHL.

Option (player or team): A contract year that one side can choose to pick up or decline. A player option gives the choice to the player; a team option gives it to the team. Common in the NBA and MLB.

Opt-out: A clause letting a player leave his contract early, usually to become a free agent. Most common in MLB and NBA deals.

Outright: In MLB, sending a player to the minor leagues after he clears waivers, removing him from the 40-man roster.

P

Pending a physical: A deal is agreed but not official until the player passes a medical exam. Failed physicals are rare but can kill or change a deal. Used in all sports; soccer usually calls it a medical.

Per sources: The reporter heard the information from people with direct knowledge who are not authorized to speak publicly. See our guide to how sports news breaks.

Practice squad: A group of NFL players who practice with the team but are not on the active roster. They can be promoted to the active roster or signed away by other teams, under league rules.

PUP list (physically unable to perform): An NFL list for players who are injured from before training camp. Players on the regular-season version must sit out a minimum number of games before returning.

Q

Qualifying offer: A required contract offer that preserves a team’s rights to a player. In the NBA and NHL, it makes the player a restricted free agent. In MLB, it is a one-year offer to a pending free agent; if he declines and signs elsewhere, his old team can receive draft-pick compensation.

R

Redshirt: In college sports, a season in which an athlete practices but does not use a year of eligibility. In college football, players can appear in a limited number of games and still keep the redshirt.

Release clause: A fixed fee written into a soccer player’s contract. If another club pays it, the selling club cannot block the transfer. Required in Spanish contracts.

Released: A player is cut from the roster and becomes free to sign elsewhere, usually after going through waivers. Used in all leagues.

Restricted free agent (RFA): A free agent whose old team can match any offer from another team. Applies in the NFL, NBA and NHL, with different rules in each.

S

Salary arbitration: A process in which a neutral arbitrator decides a player’s salary when he and his team cannot agree. MLB and NHL.

Salary retention: An NHL trade term for when a team keeps paying part of a traded player’s salary, up to half, so the receiving team can fit him under the cap. Teams can only carry a limited number of retained contracts.

Service time: In MLB, the amount of time a player has spent on the major-league roster or injured list. It determines when he becomes eligible for arbitration and free agency.

Sign-and-trade: An NBA deal in which a team re-signs its own free agent and immediately trades him to another team, usually so both teams get something in return.

T

Transfer fee: Money paid by one soccer club to another to sign a player who is still under contract. Fees are often paid in installments and may include add-ons.

Transfer portal: The NCAA database college athletes enter when they want to transfer. Once listed, other schools can contact them. See our guide to the transfer portal and coaching carousel.

Transfer window: The period when soccer clubs can register new players. Most leagues have a long summer window and a shorter winter window. See soccer transfer windows explained.

Transition tag: An NFL tag that gives a team the right to match any offer for its pending free agent, but with no draft-pick compensation if it declines.

Two-way contract: In the NBA, a contract that lets a player split time between the NBA team and its G League affiliate, with limits on NBA games. In the NHL, a two-way contract pays a different salary depending on whether the player is in the NHL or the minors.

U

Unrestricted free agent (UFA): A free agent who can sign with any team without his old team having the right to match. NFL, NBA and NHL; MLB free agents are effectively unrestricted.

W

Waived: A player is placed on waivers, giving other teams a chance to claim him and his contract. If no team claims him, he can be released or, in some leagues, sent to the minors. NFL, NBA, MLB and NHL.

Waivers: The system that controls how released or demoted players become available to other teams, usually with priority based on standings.

Sports Transaction Glossary: Trades, Signings and Breaking-News Terms A to Z

A

B

C

D

E

F

H

I

L

N

O

P

Q

R

S

T

U

W

More guides

More guides

News

Leagues

Rumors & Insiders

Stats & Money