"the highest bidder will make the greatest use"
Unless (for reasons best known to itself) the regulator decides that the highest bidder has bid *too* high, won't be able to keep up their payments and declares the second highest bidder the winner!
This happened way back in 1990 when TVS (who held the ITV franchise for the south of England) massively outbid the competition but the ITC decided that they wouldn't be able to pay that amount and gave it to Meridian!
http://en.wikipedia.org/wiki/Television_South#Loss_of_Franchise