From the new CBA agreement:

A modified waiver process will be utilized for players waived pursuant to the Amnesty rule, under which teams with Room under the Cap can submit competing offers to assume some but not all of the player’s remaining contract.

Dec 16, 2011  Madison Square Garden on  ESPN

And now here's your NBA Auctioneer, Daaaaavid Sterrrrrrrn

Stern: Thank you, thank you. Let's begin. The first player up for bid is Brandon Roy, formerly of the Portland Trailblazers. The bidding starts at $1M. Do I hear $2M? $2M? $2M? Ok, $1.5M from Golden State. Do I hear $2M? $2M?

Paul Allen stands up in the front row: Please help me out here. Throw a Billionaire a bone!

Stern: Yes, $2M from Minnesota. Do I hear $2.5M? $2.5M? $2.5M. Come on folks this is a former 3-time all star, let me hear $2.5M. Yes, that's $2.5M from  ...

Yeah, this is an ESPN TV special not to be missed.

But seriously folks ... I wonder how this is actually going to work? I suspect it is really going to be a silent auction and teams only get to make one bid per player (but wouldn't it be much more interesting if it were really a public auction with re-bidding allowed?). But suppose there are 5 or 6 players amnestied this year. About 7 teams are way under the cap, while another 8 or 9 are right around the salary cap and could maneuver to get lower. Those are all potential bidders.  Presumably some players are going to be waived on different dates, some on the same dates. Will each player be "up for bid" on the day they are waived? How long will the bidding be open per player? Can a team bid for more than one player even if just one bid would take them over the salary cap? What if they then win both bids? Which player do they take? Will teams wait for a player they expect to be waived (but might not be) and pass up another player that is waived first? Will some player go for a crazy low bid because no team wants to pass on getting an amnestied player for the minimum salary? What player will get the highest bid?

Yeah, ESPN should have worked this out with Stern, it might have been more fun than the college draft.