You are getting back your old bid. What is the issue with that? He got fined 10m for bidding over you. You had already bid 34m before that
The issue is that you're making up rules as you go along. This is what it says in the OP:
"Case A: All of manager active bids result in the total potential spend going over 300m (or the total budget for the manager at that time). In that case, manager will be fined 10m and starting from the latest bid,
the bids will either be turned back to the previous highest bidder or returned to bank to be nominated again (choice of previous highest bidder), up until the point the manager is able to complete his squad per rules and budget. If the same is not possible by just invalidating current bids, then starting from the last player bought over base price, the players will be sold back to the bank for same price, up until the point manager is able to complete his squad per budget/rules.
Case B: If any times due to players bought manager is not able to field a valid 11 then last player bought over base price will be sold back to bank with 10m penalty, with the process continuing till the manager is capable of buying replacements that will allow a valid 11 to be fielded. Note it is possible that manager may have live bids that may result in him being not able to field a valid 11 if all bids go through, in that case any penalty will not be levied until that actually happens. Manager will though have the option to cancel any bid(s) for 10m fine.
In that case once again the previous highest bidder will have first dibs or the player returns to the bank."
It says I have 'first dibs' if I chose to retain the highest bid. Nowhere does it say I have 'no dibs' if I send the player back to the bank. No mention whatsoever of being 'banned' if I send the player to the bank.
Count me out of the draft if I'm banned from bidding on a player because someone else broke the rules.