I think it goes to reverse standings as early as pre-season. The tiebreakers would be the same as the regular standings (I think):
1. head-to-head game (if during this season)
2. division record (if in same division)
3. conference record (if in same conference)
4. record against common opponents (in NFL, but I don't know if MFN goes to this level).
5. net points scored (same as 4)
6. number of touchdowns scored (same)
The difference is that you want to lose these tiebreakers in order to get a higher waiver priority.
And I know that getting previous waiver claims impacts it somehow, but maybe only within the same mid-week period. Definitely impacted if you make more than one claim.