Literally it is a player who can play several positions.
Usually w/ all-star, all-whatever it is someone who deserves to be recognized but was not named at a specific position (pehaps the kid plays SS and he didn't outhit or outplay the SS who was named the "All-whatever SS"....) Just a little shy of being named at his position.
Look at Wilson Betement on the Braves. The guy is a player. When C. Jones was out he played 3rd, Giles was hurt so he played 2nd, etc. Coaches dream player in my opinion - he also has a great bat and one day he will be an every day player.
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