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So, I'm posting this PSA to keep anyone from wasting an entire year or two of rollover cap space.
You will have the opportunity to sign your free agents that have suitors from other teams.
If you let the opening bid work through, you'll have the chance to sign that guy, at what I assume is a bit of a premium over the winning bid.
If you bid against the suitors to retain the player's services, then you just run up the price of the player you'll have the final opportunity to sign.
Hope this helps someone. FML.
*Posted here instead of Sandbox forums because new members haven't earned the opportunity to learn from my pain.
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