Below Market Value
Joined: Nov. 2015
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Everyone else has pretty much nailed it, but just to break it down:
NMC: Cannot be traded or placed on waivers (barring a buyout) without permission, requires expansion draft protection even when paired with a M-NTC
NTC: Cannot be traded without permission, but can be placed on waivers, does not require expansion draft protection
M-NTC: Can only be traded to particular teams as specified by the player or not traded to particular teams as specified by the player, the number of which is determined at the signing of the contract
The M-NTC can be paired with a NMC, which essentially turns the NMC into a "No Waivers Clause".
For the expansion draft, the NMC requires protection by the team, even if it is paired with a M-NTC.