Amateur
A new player who is available to be drafted in the amateur draft. Typically between the ages of 17 and 22, not yet fully matured, and not yet assigned to a team. These players can ONLY be acquired through drafting, not through free-agency.
Extension
A contract offer to a team's existing player which extends their time with the team. Extensions are typically agreed upon in the last year of an existing contract. With prospects, it is possible ot offer an extensions with as many as three years left on the current contract.
Free Agent
Any player who has been released by a team, or whose contract with a team has expired. These players can be acquired by making a competitive contract offer.
Lottery Ticket
A player or prospect who has below average ratings, but could be a solid player with a few upgrades. Lottery tickets take two forms:
Lottery tickets get a fresh chance with each new team they join, so they can be valuable trade assets for teams interested in developing hidden talent.
More about prospect upgrades.
More about player improvements.
Market Value
The base value a player could earn on the free-agent market multiplied by the number of years remaining on their contract.
Example:
Scouting Report
An annual report produced by your team's scouts, evaluating the potential of all amateurs and prospects in the league. Useful for evaluating amatuers for the draft and prospects for trades. Accuracy is influenced by each team's scouting spend.
Trade Deadline
The time of the season where trading players is no longer allowed. Trades are typically allowed from March 27th through July 31st of each season.