I think most of you have got a good idea of the game already form my post in the Registrations Thread.
Looking at the excellent response, I have no choice but to go with 12 teams.
Current players playing their trade in Europe, counting their entire career. For example, a player like Andrea Pirlo will have higher value as a player in the draft than Xabi Alonso, in spite of the latter being the much better player currently.
The auction will proceed like this :
Each team will be a cap of $100m to spend on 23 players.
Any players playing professionally in Europe can be bought in the auction. You can bid for anyone. For every player, the fixed base price will be $1m.
If Team A has bid for Player X and there is no other bid from another team for 30 minutes, then the players is sold to Team A. The organizers have the last say with regard to time.
Bid for every player value should be increased by a minimum of $0.1m over the previous bid. For example, if Team B bids $5 for Player Z, Team C must bid $5.1m and can't 'go with $5.0001m.
The auction will continue until each team has 23 players. If any team completes their quota of $100m without having 23 players in their squad, they are bound to have their costliest player taken away from them and points to be docked.
If two teams bid the same amount for the same player unknowingly, the team who bid first gets the player.
After the auction, the rules remain as it were for the draft game. You need to send your synopsis to the concerned person and we will have judges(who are regular) to judge the games.
Plans are to start the auction on Friday at 8pm, so get your teams in order fast. The base prices of select players will be posted soon. Also, teams are bound to have
6pm-2am every night apart from Sunday where it will be 2pm-2am. You can always make bids during other times, but the 30 minutes time interval will be included for only for these hours.