Yes and no.
scenario of two phx FOs bidding CA:
FO A bids PHX Ca.
FO B bids PHX CA , TUS CA, ORD CA.
FO B gets awarded a vacant ORD captain slot and heads to training.
FO B bids to transfer to PHX.
PHX finally has a CA vacancy.
FO B is awarded PHX captain transfer. FO A is still an FO and ORD has another vacancy to be filled.
FO A is finally awarded PHX CA when there is a vacancy AND no other CAs have their bid in for PHX transfer.