I like the signing, he can't be called up right?
No, unless he is signed to a NHL contract.
..and would have to go through waivers...
You have to go though waivers when your sent down, they removed that rule for when your sent up because teams refused to send up players that would be taken off waivers.
At least I thought that was part of the last CBA?
I still remember the outrage when he wasn't playing here. Kind of reminds me of the Leivo nonsense as well.