The Value of the "Second Wave"
There are always teams that do next to nothing until the first wave has ended because they feel the second wave of players offers much better value. This is a good tactic and can work well because youre getting more value for your money while still addressing your needs.
When I was in Chicago, we got some terrific values in the secondary marketplace. Thomas Jones, Tim Jennings, Rubin Brown, Fred Miller and Roberto Garza were just a few acquisitions signed during the second wave of free agency who played prominent roles on our team.
The third and final wave takes place following the draft. What teams didnt accomplish during the first two waves and the draft, they will now look to address during this phase. These players wont be household names or popular in the jersey sales department, but they address concerns and create good competition going into camp.
Teams will have a good sense of the players included in this final wave due to what transpires during the draft. Bubble players due to age and/or expensive contracts are often released if their team finds a replacement via the draft. This is not an uncommon post-draft practice. It will create a small, but new market for players. When teams go into free agency or the draft with a feeling of desperation, it usually works against them.
As you can see, there is a strategy to this entire process. Teams will go into free agency with as many as three plans to accomplish their goals. The key is to be patient and not become a hostage to any position or player, unless he is truly special.