http://archive.profootballtalk.com/agentarc.htm
WAIVER WIRE. When a player is claimed by more than one team, then the team with the worst record in the 2002 NFL regular season will be awarded the player (and assume the provisions of his contract). If the 2002 records of two or more clubs who claim the same player are identical, then additional tie breakers are used to determine to which team the player is allocated.
He won't go on waivers. He'll be released and he can choose where he wants to go.