Yes, I have done this several times. I only have enough money for one player, but I can place bids on the 3 players I want, as long as I have the right amount of money for the initial bid for each player. That is the important thing: having enough money for initial bids. If I have $4M, I can put bids on 5 players as long as the initial bid costs less than $4M and it will not cost me anything until I win. If I win all 5 players, I will be out over $20M, but I only ever had to start with $4M. That is why it is important to bid on all the players you want first if you are low on money and then worry about it afterwards if you win them.
Bring in financial fair play!!!! j/k