Yeah, that works for me. 32 guys in the pool isn't ideal, but I'm not sure how else to handle it. The offseason could take forever if we go with less. The other option we could consider is to have some sort of 'auction rounds' format. In that kind of approach we'd have finite timeframes (say, 48 hours) per round. Every round, each GM must nominate any 1 player to be bid on (his or someone elses), and depending on exact format he either need to open the bidding himself or he doesn't, what ever the league prefers. Gms then have 48 hours to place bids on the nominated players, with bidding closing hard at 48 hours. This is more like the traditional auction format, and it's pretty tried and tested. It adds the strategy of who to nominate when, and also serves to really clean up the number of players actively being auctioned.
If we were going to go this route, I'd recommend altering the bidding increments to make them bigger - a bigger bump makes in mean a little more to have a last minute flurry of outbids, and it makes it a little more dangerous to try and drive up the price on players you don't actually intend to own.
Kal - I'm still chipping away at the rules. I've been a lot busier than I thought I was going to be over the last 4 or 5 days. I'll get there.