This screen is only available for MFL-completed auctions as defined in For Commissioners > Setup > General League Setup.

Delete Current or Completed Auctions - A list of all auctions, both in progress as well as completed, will be displayed below this heading.  If you need to remove one for any reason (thereby returning the funds to the franchise and returning the player to the free agent pool), simply check the box in front of the player's name.

Drop Players From Rosters (in the case of Completed Auctions) - Enable this box to remove a player from an auction and the corresponding franchise roster.  Disable to only clear the auction record.

When finished, you MUST click on the Delete Auction button in order to apply your changes.