Verbal agreement

I've noticed that the term "verbal agreement" is frequently used, what does it mean exactly and how does it differ from a formal contract or signing? and are there any implications or risks for the players/orgs?

verbal agreement just means they've said yes to the offer but havent offically signed a contract yet

you look like a dick if you back out of it, but its not legally binding.

it is exactly what it sounds like. I think today is the start date where teams can sign players officially

They will start signing contracts after today (Sep 11) as it's the start of the transfer window