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That’s a coil split for the humbucker. It effectively removes one set of coils and turns the pickup into a single coil, which tend to sound brighter / thinner / twangier / more trebly, and will generally produce more hum/noise when you’re not playing.
Not sure how the Player is wired, whether it affects both pickups or only the bridge one. Probably both.
Yeah players series. What does lifting up the lower dial do? It seems like a switch to lift it up and down?