There is no limit to the number of trades or free agent pickups a team can make during the season.
There is no waiver period. Free agents pickups are awarded on a first-come, first-serve basis.
Free agent players may be cut or added at any time during the season (including during games). During the draft, any player may be cut (i.e. in order to clear roster space for a trade).
Trades may involve any number of players (so long as no team’s roster limit is exceeded) at any position and any number of teams. Draft picks may also be used in trades. (See Trades Involving Keepers and/or Draft Picks, below.)
Once a trade is submitted, it will take effect in 72 hours, or when the commissioner approves the trade, whichever comes first. However, if the commissioner suspects collusion he may deny the trade. A trade should not be denied based solely on personal opinion that the trade is unbalanced. The commissioner shall consider the opinion of the other teams of the league but is not required to base the decision on their opinions.
If one of the teams involved in the trade is run by the commissioner, then the teams have the power to deny the trade, if greater than or equal to half of the teams in the league officially protest.
A trade submitted prior to or during the draft will not be automatically approved after 72 hours.
The offseason trading period begins on July 15 at 3 p.m. EST.
The deadline to submit a trade will be the Wednesday after Week 11 of the NFL season, at 3 p.m. EST. Normal Trade Approval Period rules apply (thus a trade could be approved after the trading deadline).
Only draft picks in the current or next calendar year can be traded. (i.e. a trade taking place in August of 2003 can involved picks in the 2003 or 2004 draft, but not the 2005 draft.)
Also see Keeper Rules.