1) Thursday midnight Eastern. Teams are then locked a minute past midnight (Friday morning).
2) FAAB - Think of it this way : You have $100 to spend on waivers and FA. Bids are weekly. You can put in a claim of $0 or $25 (heck even $100!) on any available player. Should you win the bid (even with a zero dollar bid) you win that player and can place him on your team (dropping another of course - unless through IR).
Example : I bid...
Player A - $0
Player B - $0
Player C - $25
Player D - $9
Someone else bids...
Player A - $1
Player C - $20
Player D - $10
I get Player B at $0 and Player C at $25.
He gets Player A at $1 and Player D at $10.
Again, bids are weekly so it gives a chance for everyone to place a bid. You can either go for the player of the week / hot streak or find hidden gems. Your money, your call.
Hope this helps...
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