The default deadline to make all transactions (trades, waiver claims, and free agent pick-ups) for the following day is 11:59 p.m. PT each night. All transactions are then reflected in your lineup for the following day.
So, if you add a player to your roster on Wednesday morning at 6:00 a.m. PT, he's available to your team on Thursday.
Custom League commissioners can choose to keep this deadline or arrange their league so all transactions can only be made on a weekly basis.
If you choose to configure your league to use the weekly option, all transactions made during the week are reflected in your lineup on that day of the week.
In order for a transaction to take effect in a given week, it must be completed by 11:59 p.m. PT on the day before your league's deadline.
So, if you choose to have all lineup changes occur on Sunday, you need to make all transactions by 11:59 p.m. PT each Saturday.
When you want to make moves, simply click the "Edit Lineup" link. This takes you directly to the following Sunday's lineup page. You can also advance to the Sunday page by clicking the link showing tomorrow's date and continuing to advance until you reach Sunday.
Then, as you add or drop players from your lineup, you see the changes reflected in Sunday's lineup. Similarly, any trades completed during the week do not become effective until Sunday nor do any intra-roster moves (e.g., switching players between active and bench).
For all leagues that do not use weekly transactions, all intra-roster moves (switching players between active and bench spots) can be made until five minutes before the start of each player's game. None of the players involved in a move can have played or be within five minutes of their game's start time. So, for example, all players who play at 4:30 p.m. PT can be moved until 4:25 p.m. PT on game day.
Also, keep in mind that your league might include a trading deadline. Click the "League Settings" link from your league home page to view the configuration of your league. Trade deadlines do not impact the ability to add players via waivers or free agency.