How is it determined if a player cleared waivers?
 

Is it based on time or do the teams have to actually say "Pass"? If time, how long? If its pass, how long of a period does it all take?

Roughly 24 hrs and they are offered to teams based on team records, like draft.

So, given that, it looks like we can put those we cut on to the PS by Monday morning if we want them. So far I haven't heard of any being claimed.