A Player Auction is an event where sports teams bid on players to acquire their services for a season or tournament. Teams set budgets and compete against each other, offering increasing amounts of money until a player is sold to the highest bidder. This process is common in leagues like the NFL and the IPL. During the auction, players are usually categorized based on their skills, experience, and past performance. Teams evaluate these factors to make informed bids. The auction creates excitement and strategy, as teams must balance their budgets while trying to secure top talent for their rosters.