This option is used to demote current roster players as well as to promote a team's taxi squad players.  This option only appears if the commissioner has enabled the taxi squad in General League Setup.

Demote To Taxi Squad - Check any/all boxes corresponding the players in this list which makes up a team's active roster.

Drop From Roster - Check any/all boxes corresponding the current taxi squad players in the list that should be directly removed from the current roster.

Promote From Taxi Squad - Check any/all boxes corresponding the players in this list which makes up a team's current taxi squad.  If no players are on the taxi squad, this item will not display. 

No Players Currently On Taxi Squad - This message will only display if a team's taxi squad is empty.

You MUST click on the Perform Taxi Squad Moves button in order to apply the changes.