Roster Moves, click "Rule 5 Return." He will go on waivers and anyone in the league can claim him but if they do they pick up his Rule 5 Status. If he clears waivers he loses Rule 5 Status and his original team can take him back and do whatever they want with him but his salary stays at 327k (or whatever it is if it's over 327k). If his original team declines to take him back he's yours, but you can demote him to the minors... or do whatever else you want with him.