Players who meet the criteria set forth in the new CBA for waivers must clear before being assigned to the minors.  Additionally, the new CBA states that any player making more than 105 thousand dollars in the minors who is recalled must clear waivers again before joining the parent club.

If the player is not claimed, he joins the parent club.  If he is claimed, the acquiring team is only responsible for half of the player's salary and the player's former team is responsible for the other half - which counts against the team cap for the duration of the player's contract.  If a player has signed an extension, it is not considered for the splitting of cap hits and salary

Any skaters who have played 320 or more professional games in North America (NHL, AHL, or ECHL) or goalies who have played 180 or more professional games in North America (NHL, AHL, or ECHL) and (A) who have not been on an NHL roster for 80 or more games over the last two seasons OR (B) who have not spent more than 40 games on an NHL roster in the immediately prior season, are exempt from recall waivers.

*SOURCE: NHLSCAP.COM