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Each player can only be owned by one team in your league. This is different from other fantasy football competitions. Which team each player joins is determined by an auction.

You have a set amount of money at the start of the season to use for bidding on players. How you divide that money is up to you.
Placing Bids

Bidding on players is easy. There is a bid form at the bottom of every player's page. You can enter an initial bid price and a 'proxy' bid price. The initial bid price is what the auction will imediately be set at and will make up the lowest amount you will pay for them. The proxy price is the highest price you are willing to pay for them. This system means you can bid for a player and try and get them as cheap as possible, but whilst you are offline, if someone else tries to outbid you, you will remain winning the auction until your proxy price is beaten, thus saving you a lot of time and effort.
You can change your initial bid and proxy bid at any time.
Viewing All Current Auctions

You can view all the current auctions, including what the current bid is and when they are due to end. NB: There are options for the league to have auctions remaining hidden which is part of the initial league setup. See the section on creating leagues.
Viewing All Your Auctions

There is a page showing all the auctions you are currently winning including what you are currently paying for them, your proxy bid and when they are due to end. That page also shows details of all the other auctions you have been involved in but are not currently winning.
Being Out Bid

If you are outbid on an auction you will receive an in-game message informing you of that fact and there is also an option for the site to send you and e-mail containing the new highest bid for that player and how long you have to respond before missing out on them.
Selling Players

You can sell players throughout the season. You will only be able to sell them if someone else is willing to buy them. You can add them to the transfer list and specify a starting price for the auction which will start when the first manager bids on them.

If you don't want to wait for someone else to buy them, you can drop a player from your squad at any time to free up space in your squad. You will not get any money back and lose all the money you paid for them.

The special case is if a player leaves the premiership. In that situation when you drop them you either get a full refund (if before the end of the August) or half the money if after that time.
Throughout The Season

You can bid for free agents, sell players and drop players throughout the season. It is often a vital part of success to be dynamic in changing your squad to pick those players who are on form and replace those in your squad which get injured. Deciding how much money to keep in reserve for throughout the season transfers is a key tactical decision.