I think it just means that a player that is going to be a free agent, or who *may* become a free agent by invoking an option, can't be traded after the trading deadline.
In other words, on our team, BBD, Starbury, Mikki, and Powe can't be traded because they will be free agents, and Eddie can't be traded because he can become a free agent (player option).
In cases where a player is *not* a free agent, he can be traded any time after his team has been eliminated from the playoffs, so long as the team he is being traded to has also been eliminated from the playoffs.