In what’s known as a reverse auction, the initial process will run over a month and include 52 rounds of bidding in all, with the FCC picking over the inventory and offering stations a price the agency thinks that station’s airwaves are worth.

If the price is right, the station gives up its space on the TV dial and either closes down or chooses another means of reaching viewers, such as switching to another broadcast frequency or choosing to air on cable only or going online.

(via A media buyer’s primer on the FCC spectrum auction)