How do in-season 48-hour auctions work?

[nivshah]

Please read this thread:

How do in-season adds and cuts work?

3 questions. For all of them, assume the team left the auction with 40 players and $400 spent: can you bid on auction free agents? if you trade a $1 player for a $10 player, now your team salary is $391. Does that team now have $9 to bid on auction free agents? if you do that same trade above, but are the other team, is it ok that you are now above $400 team salary? How far above $400 can you go? Are there any consequences?