Wes Chamberlain 1990 from mlb.com Trade Waivers & August 31 "Deadline" Definition Players can still be traded following the non-waiver Trade Deadline -- which falls at 4 p.m. ET on July 31, except in rare cases -- but they must first clear revocable trade waivers. A player placed on revocable trade waivers can be claimed by any club; waiver priority is determined by reverse standings (worst to best record) in the player's league, followed by reverse standings in the other league. The player's original club has three options when a waiver claim is placed: It can either work out a standard trade with the claiming club (the two sides have 48 hours to agree to a deal), allow the player -- and all money remaining on his contract -- to go to the claiming club with no return or pull the player back off waivers. A player who is pulled back off waivers can be placed on trade waivers a second time, but at that point the waiver request becomes irrevocable. If a player passes through waivers unclaimed, he can then be traded to any club, free of restriction (though all 40-man-roster players in the trade must clear waivers before being dealt). Clubs will typically place the vast majority of their Major League roster on waivers once during August, as it can allow them to gauge interest for the upcoming offseason. No mention of a time restriction