All two way means essentially is that the player has 2 different salaries depending on which club he is playing with. Once a player crosses a certain age (25?), certain number of NHL games (I think it's 160?), or completes their second contract, they become waiver eligible regardless if they are on a one way contract or two way. Sorry for generalities in number of games and age, I don't want to miss quote any of the actual regulations.
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