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RE: Bounty: Explain how SPS works
I use this site: https://steempeak.com/me/proposals
I think that every proposal above @gtg's Return Proposal is paid daily at the rate they specify, up until the proposal end date arrives, and everything below receives nothing.
So at present, 2 proposals are being funded each day.
If people want @inertia's proposal in, but vote for the Return Proposal (which should imo always have a place in the ranking to avoid rubbish being funded), they should un-vote the Return Proposal - like I have this morning.
Vote value is based on vested stake, but if you proxy someone for your witness votes, it is they who choose which proposals your stake is supporting.