...just to elaborate more.

When you execute your waiver privilege your waiver priority moves to the bottom of the queue.

Example:

1. Your waiver priority is 4 out of 14 teams
2. You attempt to pick up a free agent off waivers
3. Everyone else who attempts to pick up the free agent has a waiver priority greater than 4
4. You aquire the free agent
5. Your waiver priority is now set to 14
6. Another GM picks up a player off waivers successfully
7. That GM's waiver priority is now set to 14, your waiver priority is now set to 13