Yes, but in this case T11 will place your best valuable player on the TM and sell him for the highest bid on the auctions without asking your permission, that is if your bankaccount is in deficit and if you don't pay up within 7 days. You will get a notification every day that reminds you that your finances are badly handled and that you need to take some "actions". Also you will not have the options to buy, upgrade or pay wages. But since you have 2M on the bankaccount, i'ts okey.
Yeah probably since the player is a 4* form him and a 5* for you. But can you make any offer for the player? I would go for it, you never know. But then you will need to take a bankloan or sell a couple of players to get that kind of amount.