The salary cap for each team for the 2018 season has been set at INR 80 crore (approximately $12.4 million) by the IPL governing council, which met in Delhi on Tuesday along with the Supreme Court-appointed committee of administrators.
According to the new player retention policy, a franchise can retain upto five players using a combination of Player Retention (Pre-Player Auction) and Right to Match (RTM). Earlier, the reserve price for uncapped players was Rs 10 lakh, Rs 20 lakh and Rs 30 lakh, depending on the group they belong to. Following the suspension of the franchise for two years, Dhoni captained the Rising Pune Supergiant in the 2016 Indian Premier League and was part of the squad that entered the final in the previous edition, which they lost by one run to Mumbai Indians.
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A franchise will be allowed to spend only INR 33 crore on retentions ahead of the 2018 IPL auction, leaving it at least INR 47 crore to spend at the auction. The players who played for Chennai Super Kings and Rajasthan Royal respectively in IPL 2015 and who were part of Rising Pune Supergiants and Gujarat Lions squads in IPL 2017, will be part of the pool available to CSK and RR for retention or Right to Match, decided the IPL Governing Council.
It also hiked the salary budget of the franchises from Rs 66 crore to Rs 80 crore for the next year's auction, with the figure to rise to 82 crore in 2019 and 85 crore in 2020. It was also made a decision to increase the total purse of each franchise from Rs 66 crore to Rs 80 crore. The BCCI stated that "The minimum spend will be 75 percent of the salary cap for each season". So if a team does not retain any players before the auction, it can still use the RTM method for three players.
The meeting also resolved the issue of player retention.
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The player auctions for the next edition is tentatively scheduled to be held in February.
Besides, the IPL Governing Council also increased the "Minimum Auction Reserve Price" for both the uncapped and capped players. For the capped players, who were earlier bracketed in the Rs 30 lakh and Rs 50 lakh category, the new base price will be Rs 50 lakh and Rs 75 lakh respectively.
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