Hardly, I think you don´t fully understand my suggestion.
Sure, the "highest bid" wins, but a last second bet cannot trust himself beeing "the highest", so the tideous "minimum raising" on for forever would stop. People would have to seriously think about "how much" they´d be willing to offer straight up when entering a bidding war, and I´d go so far and predict that doing it like that the amount of the "last second bets" would seriously drop because (1) the offer from any other team would not be a "let´s try a bet" offer but a serious run at a player with a reasonable (or overpaying) number and (2) the risk of actually losing out on a player because someone else just entered SOME bet you cannot guess is too high.
If you have three or maybe more bidders enganged, until 19:34 everybody would most likely test out the market to go for the cheap transfer, but afterwards everybody has to be alert, his next bet CAN be his last one, maybe he has one, max two more to go, so you better bid a SERIOUS amount and not count on beeing able to raise it late (as the current price might have been running away and your bid is invalid) before taking the risk of losing it at all. People would stop the minimum raising marathon and play with open cards - one shot chance. If you see another max bet and choose to go for "yet another" offer for whatever reason, fine, but anybody waiting for the last second to place his bet might lose out because someone else is doing something similar just with a significant raise, so that the last second bidder drops out.
Zwei Dinge sind unendlich, die Dummheit und das All...