PSL 11 Auction 2026: Steve Smith Breaks Records as Direct Signing

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The Pakistan Super League (PSL) has officially entered a new era. The 11th edition, held in February 2026, marked a historic departure from the traditional draft system, opting instead for a high-stakes Player Auction. With the expansion to eight franchises and the influx of world-class talent, the PSL 11 auction has redefined the financial landscape of T20 cricket in Pakistan.

The Auction Revolution: A New Format for PSL 11

For the first time in the league’s history, the draft was replaced by a live bidding process. This shift allowed franchises to battle head-to-head for the world’s best players, leading to skyrocketing valuations. Each team operated with a salary cap of approximately PKR 45–50.5 Crore, resulting in some of the biggest paychecks ever seen in the region.

Record-Breaking Signings: The Top 5 Most Expensive Players

The auction was headlined by the arrival of Australian legend Steve Smith, who became the highest-paid player in PSL history.

Steve Smith (Sialkot Stallionz): Secured for a staggering 14.0 Crore PKR as a direct signing.
Saim Ayub (Hyderabad Houston Kingsmen): Retained for 12.6 Crore PKR, making him the most expensive retained Pakistani player.
Naseem Shah (Rawalpindi): The pace sensation was picked up for 8.65 Crore PKR after a fierce bidding war.
Faheem Ashraf (Islamabad United): A cornerstone of United, his versatility earned him a 8.50 Crore PKR deal.
Daryl Mitchell (Rawalpindi): The Kiwi all-rounder became the most expensive overseas auction pick at 8.05 Crore PKR.

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Top 10 Most Expensive Auction Picks (PSL 11)

The PSL 11 (2026) auction saw record-breaking bids as franchises adapted to the new auction model. Below is the table of the 10 most expensive auction picks (excluding direct signings like Steve Smith and pre-auction retentions).

Rank	Player	Team	Sold Price (PKR)	Category
1	Naseem Shah	Rawalpindi	8.65 Crore	Platinum
2	Faheem Ashraf	Islamabad United	8.50 Crore	Platinum
3	Daryl Mitchell	Rawalpindi	8.05 Crore	Platinum
4	Fakhar Zaman	Lahore Qalandars	7.95 Crore	Platinum
5	David Warner	Karachi Kings	7.90 Crore	Platinum
6	Haris Rauf	Lahore Qalandars	7.60 Crore	Platinum
7	Mark Chapman	Islamabad United	7.00 Crore	Diamond
8	Khawaja Nafay	Quetta Gladiators	6.50 Crore	Gold (Promoted)
9	Salman Ali Agha	Karachi Kings	5.85 Crore	Diamond
10	Sahibzada Farhan	Sialkot Stallionz	5.70 Crore	Diamond

New Teams, New Rivalries: Sialkot and Hyderabad

The league’s expansion is the biggest story of the season. The addition of the Sialkot Stallionz and Hyderabad Houston Kingsmen has not only increased the number of matches but also intensified the competition for local talent.

Sialkot Stallionz: Built a formidable core around Steve Smith and Ashton Turner.
Hyderabad Houston Kingsmen: Focused on explosive youth, retaining Saim Ayub and bringing in Marnus Labuschagne to anchor the middle order.
Rawalpindi (Rebranded): Formerly known as Multan Sultans, the franchise underwent a rebranding under new ownership, spending big on Naseem Shah to lead their attack.

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Team-by-Team Highlights

Franchise	Key Acquisitions / Retentions
Peshawar Zalmi	Retained Babar Azam (7.0 Crore) and added power-hitting depth.
Lahore Qalandars	Secured Fakhar Zaman (7.95 Crore) and Haris Rauf (7.60 Crore).
Karachi Kings	Signed David Warner (7.90 Crore) to bolster the opening slot.
Islamabad United	Kept the core intact with Faheem Ashraf and Mark Chapman.
Quetta Gladiators	Focused on spin-heavy tactics for the 2026 season.

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