Yeah mate a computerised manager steps in and runs the team until it is randomly allocated to a new user. The top players from his team have been listed for sale.
We will see a notification that a new team has started when you log in. The new manager will get a novice team, 5000 seat Arena, and will start in the position that SammyDog was in at the time they started.
They are bad news for the tanking teams, as they have really bad teams, not a lot of idea how to win (I don't mean that as an insult) and usually steal away an early draft pick.