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In Baseball, what does it mean when a player is "designated for assignment"?

Asked by MrItty (17406points) August 10th, 2009

The Red Sox’s John Smoltz was “designated for assignment” after Thursday night’s beatdown by the Yankees. I’ve heard this term so many times, and yet I don’t know what it actually means. Is it just another way of saying “sent to the minors”? Is it a trade of some sort? Or is it a nice way of saying “fired”?

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