Chris,
The way a waiver wire usually works is that anyone that wants to post a claim for a team during the time they are on waivers may do so. So if, for example, 1114 adds to Midwest and goes on waivers, anyone can post a claim in the 24 hours after their add is announced in the waiver thread.
The person that is highest on the priority list (or in this example, the person highest on the priority list in each tier) that puts in a claim would be awarded the team. Additions of very good teams to an event may result in a cascade of claims moving up the priority list as less active (or less ridiculous
) players check in.