2013 TOURNAMENT AUCTION RULES

GENERAL RULES

1. This league is by invitation only. You may, however, tell your friends and tell them to tell their friends. However, everyone MUST go through the registration process and pay the entry fee (see below).

2. All Bids are in real US Dollars.

3. To bid on a team, enter the whole dollar amount (NO CENTS) of your bid in the "New Bid" box. When you are satisfied with your bid, click "Bid Now".
**For teams seeded 1 and for all Final Four Baskets (FFB's), [see below for info on these] your bid must be at least $4 higher than the current bid
**For teams seeded 2 and 3, your bid must be at least $3 higher than the current bid

**For teams seeded 4 and 5, your bid must be at least $2 higher than the current bid
For all other seeds your bid must be at least $1 higher than the current bid.

4. The highest bidder for each team at 12:00 pm on Thursday, March 21, 2013 will be the owner of the team. The current time is displayed on the main bidding page, refresh your browser to see the update. Feel free to form "buying groups" with others in order to finance a high-ticket team but the person's name registered on the site at the close of the auction is the one responsible for timely payment.

FEES

1. All those wishing to participate must pay the $20 Entry Fee. Players will be limited to $20 in total bids until receipt of their Entry Fee is confirmed by the Commissioner. PayPal is the fastest way to remit the Entry Fee and have your bidding cap removed.

2. A 5% Buyer's Premium will be added to all winning bids and will be used to partially finance the Bonus Pool (see below). For example, if your winning bid is $50, you will be asked to pay $52.50.

3. PAYMENT: All Winning Bidders will have until the end of the first round (Sunday night March 19) to forward all money for the teams they won. Those who do not pay will be eligible to lose all of their teams to the Commissioner. You may pay by check or by credit card through PayPal (to kbalfe@aol.com)

4. If a team has no bids or if the winning bidder defaults in payment, it automatically reverts to, and is owned by, the Commissioner.

5. Buying Groups. We encourage the formation of buying groups to help finance the higher seeded teams. However, each member of a buying group MUST PAY the Entry Fee. If it comes to the Commissioner's attention that any person who has contributed funds to a buying group did not register individually and pay the Entry Fee, then the Buying Group will be assessed an additional $50 penalty which is then added to the price of the team.

SCORING

The Pools
There are two pools out of which a player can win money; the BONUS POOL, and the REGULAR POOL.

BONUS POOL - All Ties Split the Pot
The BONUS POOL is financed through the Entry Fees and Buyer Premiums:
  • Lowest seeded team to upset a higher seeded team in the first round (i.e., a 16 beats a 1): 20% of bonus pool

  • Team that loses by the most points in the first round: 17.5% of bonus pool

  • Middle Seed (only teams seeded 7, 8, 9 & 10 qualify) that wins by the most points in the first round: 15% of bonus pool

  • Upper Seed (only teams seeded 14, 15, & 16 qualify) that loses by the fewest points in the first round (the team can NOT win): 15% of bonus pool

  • Lowest seeded team to make it to the Sweet Sixteen: 17.5% of bonus pool

  • Lowest seeded team to make it to the Great Eight: 15% of bonus pool


  • REGULAR POOL - All Ties Split the Pot
    The REGULAR POOL is financed through the winning bids (not including the Buyer Premiums):
  • 8 Teams in the Great Eight: Each team owner takes 4% of the Regular Pool

  • 4 Teams in the Final Four: Each team owner takes an additional 7% of the Regular Pool (a team making the final four would earn a total of 11% so far)

  • 2 Teams in the Championship Game: Each team owner takes an additional 9% of the Regular Pool (a team making the Championship game would earn a total of 20%)

  • 1 Championship Team: Team owner takes an additional 15% of the Regular Pool (for a total of 35%)

  • Final Four Basket** with Most Teams in Final Four (ties split): 7% of the Regular Pool. [Only 1 FFB Pays, except for Ties]


  • ** The "Final Four Baskets" allow you to bid on a basket of 6 teams. Whichever basket has the most teams represented in the Final Four will win this portion of the pool. Note that the teams in the basket are only owned for purposes of this payout (i.e., you do not own these teams individually for any other payouts). Also note that only ONE FFB will win (unless there is a tie) and the others will expire worthless.

    The Commissioner has the final say on any tie decisions.

    OTHER
    If you have a team that keeps winning, you will keep getting paid. For instance, if a 14 seed made the Final Four, it may have been the lowest seed to upset a higher seed in the first round (20% of Bonus Pool), but also would have won you money for making the Sweet Sixteen (17.5% of Bonus Pool), the Great Eight (15% of Bonus Pool + 4% of Regular Pool) and the Final Four (8% of the Regular Pool).

    The Commissioner will take a development fee from the total of the Regualar and Bonus pools to pay for site hosting and development.

    ALL TEAM OWNERS ALONG WITH THE POOL AMOUNTS WILL BE POSTED ON THIS WEBSITE AFTER PLAY BEGINS THURSDAY

    If you have any questions, please email us as soon as possible.