Virat Kohli is the only player to be retained by an IPL franchise for an amount greater than that set by the IPL (INR 15 crore) for the first player retained: Kohli will be paid INR 17 crore (US $2.67 million) by Royal Challengers Bangalore for the 2018 season. RCB batsman Sarfaraz Khan was the only uncapped player to be retained at the player-retention event in Mumbai on January 4.

The following players were retained by the teams. The figures next to the names are the amounts they will be paid by the teams.

Chennai Super Kings

Players retained: MS Dhoni (INR 15 crore/US $2.36m), Suresh Raina (INR 11 crore/US $1.73m), Ravindra Jadeja (INR 7 crore/US $1.1m)

Deduction from salary cap: INR 33 crore (US $5.2m)

Salary cap remaining for player auction: INR 47 crore (US $7.4m)

Right-to-match cards left at auction: 2

Mumbai Indians

Players retained: Rohit Sharma (INR 15 crore), Hardik Pandya (INR 11 crore), Jasprit Bumrah (INR 7 crore)

Deduction from salary cap: INR 33 crore

Salary cap remaining for player auction: INR 47 crore

Right-to-match cards left at auction: 2

Royal Challengers Bangalore

Players retained: Virat Kohli (INR 17 crore), AB de Villiers (INR 11 crore), Sarfaraz Khan (INR 1.75 crore/US $268,000)

Deduction from salary cap: INR 31 crore (US $4.8m)

Salary cap remaining for player auction: INR 49 crore (US $7.7m)

Right-to-match cards left at auction: 2

Kolkata Knight Riders

Players retained: Sunil Narine (INR 8.5 crore/US $1.3m), Andre Russell (INR 7 crore)

Deduction from salary cap: INR 21 crore (US $3.3m)

Salary cap remaining for player auction: INR 59 crore (US $9.2m)

Right-to-match cards left at auction: 3

Delhi Daredevils

Players retained: Rishabh Pant (INR 8 crore/Us $1.26m), Chris Morris (INR 7.1 crore), Shreyas Iyer (INR 7 crore)

Deduction from salary cap: INR 33 crore

Salary cap remaining for player auction: INR 47 crore

Right-to-match cards left at auction: 2

Kings XI Punjab

Players retained: Axar Patel (INR 6.75 crore/US $1.05m)

Deduction from salary cap: INR 12.5 crore (US $1.97m)

Salary cap remaining for player auction: INR 67.5 crore (US $10.6m)

Right-to-match cards left at auction: 3

Sunrisers Hyderabad

Players retained: David Warner (INR 12 crore/US $1.89m), Bhuvneshwar Kumar (INR 8.5 crore)

Deduction from salary cap: INR 21 crore

Salary cap remaining for player auction: INR 59 crore

Right-to-match cards left at auction: 3

Rajasthan Royals

Players retained: Steven Smith (INR 12 crore)

Deduction from salary cap: INR 12.5 crore

Salary cap remaining for player auction: INR 67.5 crore

Right-to-match cards left at auction: 3

The player retention is the first step towards the franchises reforming their squads ahead of the 2018 IPL player auction. After the 2017 IPL, the tenth year of the tournament, the existing squads were disbanded, apart from the players retained by the teams.

The IPL set the salary cap to form a squad for 2018 at INR 80 crore (approx $12.4 million). A franchise is allowed to pick up to five of their existing players through a combination of retention ahead of the auction and the right-to-match card during the auction.

A team could retain up to three players ahead of the auction, and they can use a maximum of three right-to-match cards during the auction.

Franchises that retained the maximum of three players before the auction have lost from their salary cap INR 15 crore for the first player, INR 11 crore for the second, and INR 7 crore for the third. The exception here was RCB, who lost INR 17 crore on Kohli - the rules say the franchises lose the pre-defined amount or the actual amount paid to the player, whichever is more. So where franchises negotiated with the player to pay an amount lower that what was pre-defined, it was the amount specified by the IPL that was deducted from the salary cap.

Franchises that retained only two players lost INR 12.5 crore from their salary cap for the first player retained, and INR 8.5 crore for the second. Where only one player was retained, the franchises lost INR 12.5 crore from the salary cap.

The IPL also imposed a salary cap of INR 3 crore for uncapped players retained.

Each franchise was allowed to retain a maximum of three capped India players, two overseas players and two uncapped Indian players.