Q: So the bidding would be here on these boards?
A: Probably ... unless we can get penngray to set up an auction for us ...
Q: And if so, will all Round 1 picks be up for auction at the same time or will each pick be up for bidding with a 12/24 hr clock?
A: You're actually bidding for the right to choose which draft spot you want that round, not bidding on the spot itself. In otherwords, once the auction closes, from highest bid to lowest bid, owners will post which draft spot they want (from those left available after the owners with higher bids make their picks).
Q: Does everyone make one bid per round or would bidding continue until no new bids came in for 12 or 24 hours?
A: The latter ... just like in a normal auction.
Q: I assume that if someone else bid 25 million another person would also be able to bid 25 million? Only way I see that ties would happen(unless the bids were secret until all bids were in).
A: Correct. If any bids end in ties, the ties are broken by Pick III lottery results.
Q: What would be the logic for someone to be second highest bidder but then to opt to pick 4th?
A: Lets say you have 4 players you want, but are undecided as to which to take ... going 4th would allow you to have a shot at at least 1 of the 4 players while seeing what other owners are drafting ahead of you (especially if in the same division).
Nonetheless I fully expect the majority of owners to choose in order from 1-12. I am just giving that option ... to pick #4 instead of #2 with the 2nd highest bid.
Of course one possible alternate idea would be that we'd be bidding for 2 rounds at 1 time, so if you got Pick 1 in Round 1, you'd automatically get Pick #12 in Rd 2.
Q: What $$$$ cap for the actual league?
A: Probably 80m, but 100m if owners prefer