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Salary Cap 101

I know in the past questions concerning the ins and outs of free agency have been brought up.  Scout.Com has a Salary Cap 101 just in time for Free Agency.

EXCLUSIVE RIGHTS FREE AGENTS: Exclusive rights free agents (ERFA) are players with two or fewer years of experience who have no outside negotiating power. His rights belong to his club provided that club makes him a minimum qualifying offer, which varies based on tenure. An ERFA player may not speak with other teams and has no other NFL options open to him other than dealing with his previous club unless he is waived.

Negotiating rights of players with less than three accrued seasons: Any veteran with less than three accrued seasons whose contract has expired may negotiate or sign a player contract only with his prior club if on or before March 1 his prior club tenders the player a one-year player contract with a Paragraph 5* salary of at least the minimum active/inactive list salary applicable to that player.

If the prior club has not by that date made the required tender or later withdraws such tender, the player shall be completely free to negotiate and sign a player contract with any club, and any club shall be completely free to negotiate and sign a player contract with such player, without any penalty or restriction, including but not limited to, draft choice compensation between clubs or first refusal rights of any kind or any signing period.