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If the player accepts the buyout offer, the team and the player will sign a contract termination agreement. The next step is for the team to submit the contract termination agreement to the NFL, who will review and approve the agreement. Once the agreement is approved, the player's contract will be terminated and the team will be relieved of any future obligations to the player under that contract. If the team chooses to buy out a player's contract before the end of the season, the player will become a free agent and will be able to sign with any team that offers them a contract. If the buyout occurs after the end of the season, the player will still become a free agent, but will not be eligible to sign with a new team until after the start of the new league year. It's important to note that not all contracts can be bought out. Some contracts have guarantees that protect the player's salary, even if they are cut from the team. 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