A free agent is a wrestler who has no E-Fed and is looking to join one. The one thing you learn in E-Wrestling is that no matter how good an E-Fed is it will eventually close down. That means that you will at one point or another become a free agent. This is usually the best time to shop around and participate in other types of E-Feds. You might even try a Tournament or two, they are a good addition to your career highlights.
Here's a little free advice...it never hurts to advertise! Here is a good place to start, the newsgroup rec.sport.pro-wrestling.fantasy this is where most of the heavy hitters in E-Wrestling hang out.