FAAB stands for Free Agent Acquisition Budget, which is a waiver system used in fantasy football leagues. In a FAAB system, each team is given a certain amount of "budget" to spend on free agents. Instead of being the first team to claim a player off waivers, each team has the opportunity to bid on available players, and the team with the highest bid wins the player. This system gives every manager an equal opportunity at picking up free agents off the waiver wire.