By 4:00 p.m. ET, any team that wants to claim the balance of his contract (it runs through 2015) must submit a waivers claim. The NFL then will assign Babin to the team with the highest priority.
Per a league source, the Eagles fielded multiple calls from potentially interested teams. Philly benefits if someone claims him; if Babin goes unclaimed, he can recover the balance of his base salary from the Eagles.
For more on this story visit: Mike Florio, Pro Football Talk