Somewhat confusing, but I feel that if you follow the logic behind the bid values, you should have been able to determine it was 2 years @ $1.6M annually. A total value of $1.6M would not have surpassed the previous bid of $2.505M and you did not bring this up as an issue, so I can only assume you also read it as 2 years @ $1.6M annually. 48 hours had passed since that bid and thus bidding has been closed.