Yup. Each preseason, the NFL assigns an IPP player to each of the four teams in one of the 8 divisions in the NFL. Unless they are released by that team, the IPP player is on that team's Practice Squad each year. Technically, that player is waived, but it is a formality by agreement - that player automatically reverts to the original team's Practice Squad at the beginning of the season.
If the player and team mutually agrees to drop the IPP tag and sign a contract to the 53 man Active roster, he is a regular player.
Currently, there are 14 IPP players in the NFL.
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