I've run into this twice now in my league.
It's an MLB league that started in 1969. We're now entering the 2007 season.
What happens is the computer puts a good, young first baseman on the waiver wire for no apparent reason. The player is making the major-league minimum and has options left.
No team claims them and I wind up using them to further strengthen my Kansas City Royal juggernaut.
I know the AI doesn't recognize names so I'll simply post ratings first.
Here's the first instance - 2004:

Player ratings

History prior to waiver claim

Player stats
As you can see he put up two very good years prior to being placed on waivers. Once I picked him up he was even better.
(Travis Hafner)
The second instance just happened as we entered the 2007 season. Again, a talented young first baseman is placed on waivers and no other team claims them.
In this case the player doesn't even have a major league contract so I'm not sure why they were even on waivers.
Has anyone else seen this in their leagues?
I hope it's fixed in OOTP12. OOTP has always been plagued by waiver weirdness but OOTP11 seems to have eliminated most of it.