Don't panic !
You have a debt problem, you are not busted yet.
If you are above -500k now, you won't receive the warning mail tonight/tomorrow. You receive it when you are below -500k before the update.
After the warning, you have two weeks to get back to above -500k before the economy update.
You will play your PO games at home and have higher revenues than during RS. If you win of course.
Winning your league comes with a prize too.
This could help you get above -500k and out of debt without the need to sell players now. If you win your games that is...
You can sell if you lose.
You would receive better advices if you had posted your full economy.
Do you think you can win your league ?
And on that note, if my cash after bids is above -$500k, will that be enough to save me? Or doesn't that count?
Careful ! Not after bids but after sells. It's specifically stated in the rules.