We may want to consider a Dutch auction, which is one where the price starts high and decreases over time. Whoever pays the price gets to pick the 1-letter domain they want, out of whichever ones are left. The auction of these names will be well-publicized. This may have a better chance of maximizing the revenue generated (to ICANN or whoever I guess) because bidders may pay more than they otherwise would have in an English auction (why pay $1mm when the highest bid in an English action is $500K?). There are other reasons why it may do a better job in maximizing the dollars. It also has the benefit of being easier to implement. I also support the idea of a higher renewal fee (5-10% of bid sounds good) post-auction in the out years.