July 1st is a weird day in Major League Soccer. The date isn’t officially anywhere in the MLS Roster Rules and Regulations but it’s the Contract Guarantee Date. Here is the official wording from the league:
“Clubs may waive players based on performance at any time during the MLS season. A club may waive a Semi-Guaranteed Player at any time during the regular season until 48 hours prior to the Contract Guarantee Date. A club may waive a Guaranteed or Semi-Guaranteed Player after the Contract Guarantee Date only with League approval. Clubs may not waive a player between the Roster Freeze Date and MLS Cup.