the amnesty rules are that any team under the salary cap can bid for him and the winning bid is the salary. the team that waives him pays the difference (but has amnesty from his salary from the salary cap and luxury tax).
if there are no bids then he becomes a unrestricted free agent.
so far the lakers are over the salary cap and can't make a bid. I don't think billups will go with out any bids... he's stated if the winning bidder is not a team of his liking then he'll "retire".
even the amnesty rule makes the players look like plantation workers... because if they want to earn an NBA paycheck then they have to be bid on like cattle if the original owners don't want him anymore, and they have to play for their new "owners" if there's even a $1.00 "winning" bid.