What do the bidding status categories mean?

Accepted – Your bid has been accepted. The licensing process can begin.Declined – Another person’s bid has been accepted. All other bids have been declined.Pending – Your last bid has been placed and is currently the highest (or only) bid.Outbid – Another person has bid more than your last bid. At this time, you can increase your bid if you choose.

See also: When does bidding start for the 2009-2010 season? | How long will my bid remain pending?