I've done a fun auction the past couple years. You all put in money and pick each team out of a hat. You then bid on those teams until all 64 teams have been bid on. Total pot gets divided by 6 for each round. You then divide the money for each round by the number of games in that round to figure out how much each game is worth. So if you have $500 in the pot you'd have $83.33 for each round. The first round has 32 games so are worth $83.33/32 = $2.60 a piece. The championship round has 1 game so is worth $83.33. A lot of fun especially when you get George Mason for $.90 and have them go to the Final Four.
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