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Waivers are complicated. There are 3 types, the one you're referring to is major league waivers, you usually hear about them during the trade deadline.
If a player is on major league waivers, he has 3 days to be claimed. If not claimed, the team can trade (even past the deadline), release, or demote him. If claimed, the team has the choice of letting him go or canceling the waiver request.
I don't remember Huff being claimed, but I'm guessing Tampa put him there because they thought they might trade him but couldn't finish a deal before the deadline. When Toronto claimed him they canceld becase they didn't want to give him up for nothing.
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