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I am going to old school it. Long before there was free agency, players would routinely miss large portions of training camp because of injury, retirement, etc. They were seeking sometimes to save themsleves the rigors of two-a-days or they might have been seeking an ungraded contract. Keith Jackson was the most recent, that comes to mind, who would always miss a week or two of camp while under contract. I think Ruettgers was known for this as well.
They were always referred to hold outs.
Common usage might use the same term for Jackson as for Hawk and Bush. I think it misleading.
If the company I am thinking of joining and I don't have an agreement for compensation, then I am not going to work.
Sit out works for me.
Bud Adams told me the franchise he admired the most was the Kansas City Chiefs. Then he asked for more hookers and blow.
It really is a case of usage. And far as I can see on the web, "holdout" is used for players with and without contracts. Reggie Bush was referred to as a "holdout" in most of the headlines before he signed.
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