First of all this all revolves around the basic principle of making manager-to-manager transactions the primary method of buying or selling players.
I think buying players is one of the most exciting things to do in this game, which is why I love the end of a season and the beginning of a new one. But that does not mean I like the current TM. I think the idea that you're trading with the system takes a lot of passion out of managers. We form bonds with our players and it's important we don't remember that they're just names on a device, because frankly it ruins the immersion.
To start, make away with associations. In my opinion it's unhealthy to all the other aspects of the game and the most it has ever done is encourage players to filling the game up with alternative accounts, most of which get abandoned. If you want to encourage the social aspect of the game, then make it more likely to get paired up with friends in competitions and maybe consider adding a chat or inbox to communicate with strangers. I know the concensus on the forum is that "it will mostly be used for abuse", but then how come every single game or app that has this isn't overrun with said abuse. Additionally I like to think TE has a community of intellectuals and not your casual Clash of Clans player base (which isn't toxic despite catering to every kind of person). Also I don't know why we can't have a chat but everybody is completely fine with the idea of the people being connected to Facebook identitys' completely being open to the entire game, seriously, it should only be able to be viewed by friends only and I consider this a potentially pretty big security problem.
Moving on to the main idea. A better transfer market would be one that involves the selling party as much as it does the buying party. So in my opinion a typical transfer shouldn't be 4 minutes long, it should last 2-3 hours. The process would go from the host listing the player and setting the valuation at whatever he deems suitable for that player (the system itself will put a generic valuation aswell). Along with the listing of the player will be his form and a graph showing his progress in training, also additional things like goals per match, assists per match, matches played should be available. If another manager is interested, he'll make a bid (above or below the valuation) and it'll stay there until the 2-3 hours are over. It's simple. Anyone can place a bid above or below another bidder and when the lister checks the list of bids he's received, he can choose who he wants to give the player to, plain and simple. As for the tokens, everytime you place a new bid, it costs 1 token flat. So if you don't want to waste tokens, you can put a ludicrously high bid the first time and not have to worry about other bidders.
Now why did I mention that the lister can choose who he sells to. Because the TM should only consist of managers from your level, that could even mean mostly managers you'll be facing. The idea is to firstly build competitive leagues of ATLEAST 50% active teams (right now there are around 2 active teams per league) and then to translate that to a competitive TM which will be divided into tabs League, UCL/Super, Cup and then Level. Essentially your competition's listed players for transfer. Because in some tabs transfer listings will be rare, it should be made that they stay there until the player is sold. In the case a listing is retracted, the lister will lose the amount of tokens equal to the total number of times people bid on that player and if the time runs out, the player will be sold to the highest bidder automatically.
So that's my version of the ideal TM. Why I posted this on General and not Suggestions was because I wanted this to be more of a discussion and brainstorm of what we as a community expect and want from a future TM change.
Personally, as I stated above, the most fun I've had in this game was in the transfer market and I think it's essential to this game's long-term survival for each individual manager that it's as refined and interactive as possible.