What is the player's status immediately after being released from his contract?

When a player is released from their contract, they typically become a free agent, but the immediate status depends on a few factors, particularly if they are subject to waivers or not. If a player has been in the league for fewer than four seasons or if they are released during the regular season, they are placed on waivers. During this time, other teams have the opportunity to claim the player. If no teams claim them, the player then becomes a free agent without any restrictions and can choose to sign with any team.

Being subject to waivers is a crucial process that allows teams an opportunity to claim the player before they officially enter the unrestricted free agency phase. This is why the player's status immediately after release can be characterized as being subject to waivers; it means the player cannot freely sign with any team until that waiver process is complete.

The other statuses mentioned in the options do not accurately capture the immediate aftermath of a player being released. For example, becoming a free agent with no restrictions happens only after the waiver period concludes, and the options discussing eligibility for trade or probation periods aren't relevant to a player being released.