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.
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.