Free Agent is a player whose contract has expired or has been terminated, leaving the player free until signed with another team. There are two kinds of free agents: restricted and unrestricted.
Restricted free agent
Restricted free agents are free agents who can sign with any team, but their previous team has the right to match the free agent's contract offer. The previous team has three days to match the offer before the player can sign with the new team.
Unrestricted free agents
Unrestricted free agents have the right to sign with any team. The contract deal with the previous team will not affect the new contract deal with the new team. The player can resign with the previous team.