The two-day IPL players' auction gets underway on Wednesday in Bengaluru, where 514 capped and uncapped players will go under the hammer.
The IPL Governing Council had made some changes to the rules governing the auction, which may force the eight franchises to re-work their strategies before they prepare their priority lists.
Here's a quick guide to the whole process before the hammer comes down:
* One-year term, with a franchise having the option to extend for either one or two additional years. The option must be exercised on or before 15 December in each year
* IPL league fee for all players to be denominated in Indian rupees
* Overseas players to be paid in the currency of their choice at the prevailing exchange rate on either the actual date of payment or contract due date, whichever is beneficial to the player
* IPL league fee to exclude payment for playing in CLT20 but to include up to 6 approved friendly matches
* The additional fee for playing in CLT20 to be an amount equal to 10 percent of the IPL league fee
* Each squad must include no less than 16 and no more than 27 players, of which up to 9 may be overseas players
* No more than 4 overseas players in the XI for any match
* No minimum quota for catchment area players
* Under-19 players must have played either First Class or List A before signing for IPL
* Salary Cap for the IPL league fees of the entire squad to be Rs. 60 crore for 2014, increasing by 5 percent per annum for 2015 and 2016
* Minimum squad spend of Rs. 36 crore in each of the 2014, 2015 and 2016 seasons.
RETAINING PLAYERS IN ADVANCE OF THE 2014 PLAYER AUCTION
* In advance of the 2014 Player Auction, a franchise may sign up to a maximum of 5 players (either capped or uncapped, no more than four of whom may be capped Indians) who were in its squad in 2013, including those who were unavailable during the season and those who were taken as temporary replacements
* The player contract for the retained player (in standard form and signed by both the player and the franchise) must be lodged with the BCCI on or before Friday 10 January 2014 (See list of retained players)
* Embargo on franchises approaching any players who were in another franchise's 2013 squad until Saturday, 11 January 2014
* Irrespective of the IPL league fee that is agreed between the two parties and which is set out in the player contract, the 2014 Salary Cap (and if appropriate the 2015 and 2016 Salary Caps) for the franchise will be charged as follows:
For Capped Players
* Rs. 12.5 crore for the first capped Player so retained.
* Rs. 9.5 crore for the second capped Player so retained.
* Rs. 7.5 crore for the third capped Player so retained.
* Rs. 5.5 crore for the fourth capped Player so retained
* Rs. 4 crore for the fifth capped Player so retained.
For Uncapped Players
*Rs. 4 crore for each uncapped Player so retained
* For the purpose of determining the Salary Cap charge for each player retained, franchises will be deemed to have retained capped players in the order of their actual IPL league fee (from the highest to lowest). If two or more retained capped players have the same IPL league fee, the relevant Salary Cap charges shall be added together and divided by the number of such players, with the Salary Cap being charged by the same amount for each player. For example, if a franchise retains only two capped players with the two having the same contracted IPL league fee, the Salary Cap charge for each shall be Rs. 11 crore (being Rs. 12.5 crore plus Rs. 9.5 crore divided by 2)
* A franchise which retains the maximum of 5 players, all of whom are capped, will have a balance of Rs. 21 crore to pay the remaining up to 22 players in its squad for the 2014 season
* Retained players may not be traded.
* Auction to be held on Wednesday 12 and, if necessary, Thursday 13 February 2014
* All players (capped or uncapped, Indian or overseas, those who did or did not play in IPL in 2013) must enter the 2014 player auction process if they want to play in the IPL in 2014. The only exceptions are those who are retained in advance as described above
* Only players who enter the player auction process (but are not taken by a franchise during the player auction) are eligible to be taken as a replacement during the 2014 season
* The format of the 2014 Player Auction will be broadly similar to that of the 2013 Player Auction with the addition that each franchise will have a number of 'rights to match' which it may exercise during the course of the auction for any players who were in its squad in 2013
* The number of 'rights to match' available to a franchise will depend on the number of players that the franchise retained in advance:
- If three or more players are retained, then only one 'right to match' during the auction.
- If one or two players are retained, then two 'rights to match' during the auction.
- If no players are retained, then three 'rights to match' during the auction.
The 'right to match' is to be exercised as follows:
* once the bidding for any player who was in a franchise's 2013 squad is complete and the auctioneer is satisfied that no more bids will be forthcoming, the auctioneer will bring down the hammer, declare the player 'sold' and then ask the relevant franchise if it wishes to exercise one of its remaining 'rights to match'
* if the franchise chooses to exercise the 'right to match', the franchise will take the player for the amount of the final bid that had been made in the Player Auction
* no further bidding by any other franchises is possible
* franchises may take no more than 4 capped Indian players via a combination of retention prior to the auction and the 'right to match'.