So if I cut a player and he is not signed by another team, what happens to him? Or more specially when or does he fall out of the league/game all together?

i think he just stays in free agent land until he signs or retires

Hmmm, that could be an issue for the league idea I had. I thought maybe they dropped off if they weren't sign for a full year....Good to know.

The longer they have been unemployed the more likely they will retire, but there isn't a set amount of time that they will always retire after.