After Game Waivers - This setting allows your league to specify when players clear waivers after playing in a game. Whether they play on Thursday night or Sunday afternoon, that player will not be able to be added until the day that you choose. However, claims could be made during that period, and you’re also able to turn off waivers completely.
Daily Custom Waivers - You can choose a specific time of the day or night for waiver claims to clear every 24 hours.
For further information on Daily Custom Waivers. Go here
What if I enable both?
If both options are enabled, the daily custom waivers time will override the "after games waiver clears" time
Using the example above, players would be on waivers from the start of their games until the end of the day on Tuesday. Then, waivers would process every day at 8 a.m. until games start the following week.
What if I choose neither?
By choosing neither, all players will be free agents and can be added immediately by any owner.