Player clears waivers with multiple years remaining on his contract and you pick him up as a free agent. Are you responsible for league minimum throughout the remaining contract or just for the current season? For example, let’s say he is dropped on the first day of his 3/$15M deal. Clears waivers. Are you responsible for about $1M (3 years at league minimum), about $10.3M or some other number?

You only pay $327k for each season remaining on the contract and the team which released him pays the rest.