Even if your domain "theplayersbay.com" represents an online auction site, I fail to see how it can be seen as intrinsically associated with eBay.

It's like Microsoft trying to prevent all software compnies from using the "soft" suffix or the "Micro" prefix.

I suspect that your domain was flagged by a poorly written pattern analysis bot and nobody at eBay has bothered to do any due diligence before firing off this "cease & desist".

My advice - send them an email stating your objection and requesting evidence that it has been construed to have an association with their brand. That should get a human being to actually look into the matter.