Waiver explanation in greater depth

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I am a newcomer to FFPC and while I read the FFPC rules for Classic leagues, I really see little explanation about bid groups and how these get processed. For example, I put together three bid groups for last Wednesday's waivers. In one bid group I bid $27 on Trevor Siemian dropping Deshawn Watson. I ended up losing Siemian to another player who bid $5. My guess is that since this was my second bid group and the second qb listed in that group (I was outbid on my first qb listed) that this must have been the other player's first priority in his only bid group. But, I really don't know for sure and don't know exactly why a lower priced bid can win out over a higher priced one. I searched "waivers" on the message boards and did not see an explanation although I did see a mention that a detailed explanation in waivers would be forthcoming back in 2014. Is there a very detailed explanation of how waivers are run that I can access? I really feel this lack of information about the waiver process puts newcomers at an unnecessary competitive disadvantage in FFPC leagues.

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