FAAB — Free Agent Acquisition Budget — is a fake-money budget each manager spends to bid on free agents during the weekly waiver run. Bids are blind: the highest bid wins the player and that amount is deducted from the manager’s remaining budget, with ties broken by waiver priority.

FAAB replaces first-come waiver priority with an auction, so a manager who conserves their budget can still win a mid-season breakout from the back of the order. On Sleeper the budget defaults to $100 per team, the commissioner can raise or lower it, $0 bids are allowed, and unused FAAB can be traded between teams.

The judgment a commissioner has to settle in advance is bid policy — whether $0 claims are allowed and how ties break — which is exactly the kind of rule that belongs in the league constitution before a contested claim forces the question.