The bilinear assignment problem (BAP) is a generalization of the well-known quadratic assignment problem (QAP). In this paper, we study the problem from the computational analysis point of view. Several classes of neigborhood structures are introduced for the problem along with some theoretical analysis. These neighborhoods are then explored within a local search and a variable neighborhood search frameworks with multistart to generate robust heuristic algorithms. Results of systematic experimental analysis have been presented which divulge the effectiveness of our algorithms. In addition, we present several very fast construction heuristics. Our experimental results disclosed some interesting properties of the BAP model, different from those of comparable models. This is the first thorough experimental analysis of algorithms on BAP. We have also introduced benchmark test instances that can be used for future experiments on exact and heuristic algorithms for the problem.