TLB started with Hideki Matsui and Jay Powell being offered up the same way Ichiro was. First, there was a closed bid to be able to offer the player a contract. This was taken out of the team's cash IF the player signed with that team. If he didn't, the player would have gone into the FA pool.
We didn't like it because it favored those teams with cash to burn. I was one, and bid $35m to just talk with Matsui. Good thing too because 2nd highest turned out to be $30m

BTW -- This also requires the person accepting the bids be exempt from trying to sign the players since they have knowledge of all the bids.
So, the next round (Kaz Matsui and Jose Contreras) were introduced into the league as FAs. That worked MUCH better.