One of the thirty-two is drawn and hashed with a random nonce. The hash is published before bidding opens.
Highest bid at the close wins the right to guess. Nothing is charged while bidding is open, and only the winning bid is ever charged.
The team and the nonce are published, and the hash is recomputable by anyone. A right guess takes the jersey; a wrong one takes a card.
Both of them are on this page, at the same size, because a bidder who first learns about the card after losing was sold something other than what they thought they were buying.
The authenticated jersey for this round, sourced from a listing whose certificate we check by hand and shipped with its certificate of authenticity.
One randomly selected card from the round's pool, described in full in the round terms before you bid. Every charged bid returns one or the other.
The reveal is worth watching with someone. That platform is being built; the drops run here either way, and the site works with no video at all.