Rules of engagement
There are eight teams in the IPL - one down on last year - and potentially they might all be competing for the same top 40 players.
Presumably, everybody will be interested in New Zealand all-rounder Corey Anderson after his scarcely believable - and I was there - century from 36 balls against the West Indies in Queenstown on January 1.
Anderson is expected to go for five or six times his reserve of $195,000, so potentially that means shelling out more than a million on one player.
If it comes down to a bidding war, the Delhi Daredevils have the most resources.
They have waived the right to retain any players and have all of their $11.7 million salary cap available. It is quite a war chest.
The IPL is no fantasy league. Each team is allowed to field no more than four imports in the playing XI but can have up to 11 on its roster.
That means there are limited spots available and there will be plenty of disappointed cricketers when the auction is over.
The other interesting rule is the ''right to match'' clause.
For example, the Daredevils released Indian opener Virendar Sehwag, but if his skills are purchased at the auction, the Daredevils can match the bid and steal away his services.
Auction strategy
My beloved Daredevils, under my haphazard management style, intend to spend most of the salary cap on four or five marquee players.
We can always pad out the rest of the roster with the best of the remaining overseas players, for whom there is an oversupply.
The Mumbai Indians (the defending champions), the Chennai Super Kings and the Rajasthan Royals have protected the maximum number of players.
With most of their money gone, we are in the box seat. We have got the rupees, so let's bully our opponents.
Let the bidding begin
There are more than 500 players to chose from, so we ought to be able to assemble a pretty decent import roster.
Anderson is near the top of our list.
He is young, he hits the ball hard, he is a very useful seamer and he is enjoying a superb patch of form.
The only down side is he is hot property yet still relatively inexperienced.
He has to rate as a bit of a punt considering how much he is likely to set us back.
England discard Kevin Pietersen has an imposing twenty20 record, a wealth of experience, the ability to make a big impact and no conflicting international demands.
If only there was a buy-now option because the word is he could go for as much as $2 million. Surely not.
We had planned to overlook Mitchell Johnson because he can be erratic.
But he is in such great form, he is the best of the available bowlers and he cuts such a dapper figure with that moustache.
Got to be worth a cool million. South African Morne Morkel is our back-up if Mitch slips away under the ''right to match'' rule.
Australian Aaron Finch is high on the wish list.
The 27-year-old Victorian can hit a nice long ball and gets an opening spot alongside our own Brendon McCullum.
McCullum is fresh from a test double century and is one of the leading twenty20 batsmen in the world. He will be costly.
His base price is $390,000 but he has fetched a lot more than that in the past.
I would not want to pay too much more than $250,000 for Finch.
Quinton de Kock gets the gloves.
The South African 21-year-old is the nearest thing to Adam Gilchrist since Adam Gilchrist.
Former Australian turned New Zealander Luke Ronchi would not be the worst buy if de Kock evades the net.
Ronchi gets minimum wage - about $60,000 - and de Kock perhaps twice that. Both represent great value for money.
Brendon's older brother, Nathan McCullum, was at his frugal best in the one-day series against India and is a steal at $100,000.
West Indies all-rounder Darren Sammy, or even Otago and Black Cap Jimmy Neesham, are well-suited to the short format and would be more than capable back-up for Anderson.
I have a soft spot for South African-born Dutch international Ryan ten Doeschate, who was instrumental in Otago's 15-game winning streak.
All that talent and you can only field four of them.
