I think this is an interesting model and Sujay definitely seems like a talented fellow, however, am I the only one repulsed by the name "Developer Auction"? It makes me think of another kind of auction of human labor — Slave Auction. I don't like the objectification of talented engineers or humans in general.
Auctions are the most efficient way to do price discovery for unique or difficult to price assets. I'd sure rather be a "unique and difficult to price asset" than a commodity, cog, etc.