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Basically, a team can negotiate with that player, and any team trying to sign them has to give up their top draft pick to do so, and the original team can match any offer.
I'm pretty sure that's it.
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"Final thought: I just rented Michael Moore's Bowling for Columbine. Frankly, it was the worst sports movie I've ever seen."
--Peter Schmuck, The (Baltimore) Sun
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