I did find this:
http://boards.buffalobills.com/forums/lofiversion/index.php/t19858.html
This is from the Jaguars "Ask Vic" page
QUOTE
Christopher from Columbus, GA: Since we claimed Kevin Johnson off waivers, we picked up his current contract which runs through 2006. The article I read said that since it's past the trade deadline, he would have to report. If it wasn't past the trade deadline could he hold out or something? Also, it said that since he is a vested vet, he can claim free agency at the end of the 2003 season. Could you explain how this whole process works and why if his contract runs through 2006 he is able to nullify it after this year? I ask because I think he is a great pickup and don't want to see him leave after the end of the season.
Vic: Kevin Johnson is a five-year veteran. He became a vested veteran after his fourth season. Vested veterans aren't subject to the waiver-claim process, unless they are waived after the trade deadline. Normally, when a vested veteran is cut he becomes a free agent, free to negotiate with any team in the league. But that changes after the trade deadline, to protect the integrity of the system. The league doesn't want a team out of contention late in the season cutting a player who might then join a team in playoff contention and upset the season's competitive integrity. One of the concerns there would be secret deals. That's where you have to take your hat off to the league. Its first concern has always been its competitive integrity. The contract the Jaguars inherited from Cleveland runs through the 2006 season, but Johnson can opt to become a free agent following the 2004 season. That's the rule with being waived after the trade deadline; a player may declare himself a free agent following the subsequent season.