@infection, Looking for a bit just now, I couldn't find a rule. The closest I got was this from question 101 of the FAQ, http://www.cbafaq.com/salarycap.htm:Not sure. I think I've read things both ways with regards to Favors.
- A team cannot reacquire a player it traded away during the same season (a season for this purpose being defined as starting on the first day of the regular season and ending on the last day of the Finals). If the player was traded between seasons (i.e., from the first day after the Finals to the last day prior to the start of the next regular season), it cannot reacquire the player prior to the end of the next season. If he is waived by his new team, then he cannot re-sign with his original team until the one-year anniversary of the trade, or until the July 1 following the end of his contract, whichever comes first6. However, if a team trades a player's draft rights, it can reacquire the player during the same season.
But that's about re-signing players that you have traded away. Not re-signing a player you have waived. Of course, it's possible I just didn't find the rule because the salary cap is so complicated.