Maybe I'm just missing something...

So, after the 5th round, the rest of the eligible players are then free agents, able to sign with ANY club? But the compensation is capped at 20k? Since when did free agency mean that their ability to sign with the highest bidder was null and void? Who is to stop a bidding war for a "free agent"? What is the penalty if a team signs someone for more than 20k?

Some lawyers are going to be pretty well-off next year...