Just caught that advanced button, my bad.
As far as the bid reset time, having it at 5 min forces auctions on certain players to last much longer than it should. I understand your trying to be nice giving the other player more time to respond however an auction house should be a little more competitive. If you really want a player, you should always keep an eye on him and if the bid reset time was reduced to 1-2 minutes it would speed up a lot of the auctions, while creating a more competitive experience in the auction house.
I understand the second bid but the idea of having to bid 1000 coins on one player is risky, everyone at the auction house wants a bargain. No one likes overpaying.
I have seen this type of free agent market method before on other sim games that utilize one pool of "free agent" players. It really does work long term and forces you to plan your roster build accordingly. You shouldn't be able to rebuild your entire roster within one week time.
Being a new player, I am curious to see what the free agent market looks like moving up a level. I am used to seeing every player having access to any free agent available, which does give more tenured players an advantage on higher rated players, but this was counteracted by placing the more tenured (and higher star rating) teams in the highest leagues and with roster limits. This would typically leave the lower star developmental players to newer owners , because an 18year old 12 star player would really hurt a team in the Champions league.