This is the first day since the 2013 regular season ended that teams can waive players. Players with fewer than four accrued seasons are subject to the waiver system, which allow team to put in a claim for a player released. This will go on the teams final standings, so basically the draft order.
Players with four or more accrued seasons that are released immediately become unrestricted free agents. So there are many players that could be getting cut soon, especially with roster bonuses coming up. For example Brandon Merriweather could be cut by Friday. If a team wanted Merriweather they could sign him because he has more than four years in the NFL, but if it was a fairly new player they would go through the waiver wire system.
Free Agency is coming soon, who is ready?