Browsing the free transfers, had 27,575 available for wages. Figured I’d take:
Jamie McFarlane M L 35 Season 81, Turn 104 144 $27,575 $19,896,055

So I put in a bid at max available funds. I also put in a bid for:
Luke Fewings DA LR 30 Season 81, Turn 104 144 $27,575 $22,426,074

Same thing, max wages. As you can see I managed to sign both of them on the same turn, and now have a wage budget of:
Wage Limit: $657,470
Current Wage Total: $685,045

I would have done this a bunch of times on this last if I knew I could :P

I think there was something posted about it recently. I don’t remember exactly what, but there is a negative consequence of overstepping the wage limit.

I believe the difference between the wage total and wage limit is removed every 3 turns from your transfer budget. question is, once your bidget reaches zero, what happens then?
I thought this was only possible while singing your own players though and not free agents.

You wont be abble to renew contracts unless your team’s wages get lower than the limit… Be careful or you may need to fire someone to keep others…

@Will: thanks for letting us know, it is indeed a bug.

@Charles: you are right, the money will be deducted from the transfer budget. When it reaches zero the team performance will be impacted.

@Filipe: also true, and that’s probably the worst consequence of having exceeded the wage limit

I am planing to define my transfer budget to zero at the beginning of the season. Will the
team performance be impacted by a zero transfer budget? Doesn’t make sense to me …

No, yo simply wont have Money to buy players, only the Money you get by selling, Just a @% of that also. Define that till turn 13