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Just to add--
-OOTP does simulate three waiver periods, and I think endgame is right that one waiver period begins on August 1st, meaning any player who has cleared waivers before then will need to clear again;
-trade waivers (Major League waivers) are revocable in real life the first time they're used in a waiver period. They're not the same as outright waivers. So it should always be possible to pull a player off waivers if you try to trade him after the deadline, provided you only try to trade him once. OOTP makes these waivers automatically revocable *every* time they're used- the gameplayer doesn't need to do anything- if a guy is claimed, OOTP pulls him off waivers and cancels the trade. OOTP really should only make them revocable the first time, irrevocable aftewards, but it's better this way than that the waivers always be irrevocable.
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