What does it mean for a player to have "Bird Rights"?

"Bird Rights" refers to a rule in the NBA that allows a team to exceed the salary cap to re-sign its own players under certain conditions. Specifically, a player qualifies for Bird Rights if they have been with the same team for three consecutive seasons and meet the criteria for being a restricted free agent. This ability to exceed the salary cap is valuable because it enables teams to retain their important players even when their salary figures exceed the cap limits, facilitating roster continuity and stability.

This concept is key in roster management, as it allows teams to hold onto their own talent without succumbing to the constraints typically imposed by the salary cap. The other choices do not accurately reflect the essence of "Bird Rights" and their implications regarding player contracts and team salary management.