Here is a look at the teams of the world's richest cricket competition, which is expected to be played between March and May next year.
Mumbai Indians
Five-time winners Mumbai, led by India all-rounder Hardik Pandya, snapped up New Zealand fast bowler Trent Boult.
The left-armer returned to the team for $1.48 million, joining fellow pace bowlers Jasprit Bumrah (retained), Deepak Chahar, Reece Topley and Lizaad Williams.
The team, owned by Nita Ambani -- wife of Reliance Industries billionaire Mukesh Ambani -- includes India Test and ODI skipper Rohit Sharma.
Mumbai Indians last won the IPL in 2020.
Squad:
Jasprit Bumrah
Suryakumar Yadav
Hardik Pandya
Rohit Sharma
Tilak Varma
Naman Dhir
Robin Minz
Karn Sharma
Deepak Chahar
Ashwani Kumar
Krishnan Shrijith
Raj Angad Bawa
Satyanarayana Raju
Arjun Tendulkar
Vignesh Puthur
Trent Boult
Ryan Rickelton
Allah Ghazanfar
Will Jacks
Mitchell Santner
Reece Topley
Bevon Jacobs
Lizaad Williams
Chennai Super Kings
The five-time champions got back veteran India spinner Ravichandran Ashwin, who last played for the franchise in 2015.
Ashwin, costing $1.15 million, reunites with spin twin Ravindra Jadeja, who was retained alongside team icon M.S. Dhoni.
"There's an emotional attachment of Ashwin with Chennai, so it is a nice fit," coach Stephen Fleming said.
Attacking batsman Devon Conway also returns, alongside fellow New Zealander Rachin Ravindra and England all-rounder Sam Curran.
Squad:Shivam Dube
MS Dhoni
Rahul Tripathi
Sam Curran
Devon Conway
Ravichandaran Ashwin
Shaik Rasheed
Nathan Ellis
Jamie Overton
Kamlesh Nagarkoti
Vansh Bedi
Andre Siddarth
Matheesha Pathirana
Ravindra Jadeja
Rachin Ravindra
Noor Ahmad
Syad Khaleel Ahmed
Vijay Shankar
Deepak Hooda
Anshul Kamboj
Mukesh Choudhary
Gurjapneet Singh
Ramakrishna Ghosh
Shreyas Gopal
Delhi Capitals
Delhi, who parted ways with captain Rishabh Pant, left happy with the signing of KL Rahul.
Pundits including Tom Moody said Rahul's $1.65 million price tag was a "good buy" for an outfit searching for their first IPL title.
Delhi co-owner Parth Jindal hinted that either Rahul or veteran all-rounder Axar Patel, who was retained, could be the new captain.
Other notable picks were Harry Brook, Mitchell Starc, Faf du Plessis and Jake Fraser-McGurk.
Lucknow Super Giants
Lucknow broke the bank for wicketkeeper Pant for an IPL-record $3.2 million.
The 27-year-old left-hander made a stunning return to competitive cricket in the IPL this year following a serious car crash.
Lucknow coach Justin Langer called Pant a "huge pick-up".
Also added to the batting brigade was the South African duo of Aiden Markram and David "Killer" Miller.
Lucknow boosted their pace attack with Australian all-rounder Mitchell Marsh, India's Avesh Khan and Shamar Joseph of the West Indies.
Gujarat Titans Gujarat snapped up England batsman Jos Buttler for $1.87 million, before securing top names including Mohammed Siraj and Kagiso Rabada.
"We needed a wicketkeeper and a player with experience, someone who can bat anywhere from number one to four, and Jos fits that role," assistant coach Parthiv Patel said.
With Shubman Gill as captain and Afghanistan's Rashid Khan as the lead spinner, Gujarat have managed to strike a balance between bat and ball.
New Zealand all-rounder Glenn Phillips (spinner), Afghanistan pace bowler Karim Janat and South African speedster Gerald Coetzee also add to their strength.
Punjab Kings
Punjab ensnared Shreyas Iyer for $3.17 million, which was briefly a record before being trumped by Pant.
Punjab, with new head coach Ricky Ponting, entered the auction with the biggest purse and won left-arm quick Arshdeep Singh ($2.13 million) and spinner Yuzvendra Chahal ($2.13 million), as well as Glenn Maxwell and Marcus Stoinis.
Rajasthan Royals
The inaugural champions snapped up England pace bowler Jofra Archer for $1.48 million.
Under new coach Rahul Dravid, the team led by Indian batsman Sanju Samson also bought Sri Lankan spinners Wanindu Hasaranga and Maheesh Theekshana.
They also made headlines with the youngest-ever player -- 13-year-old Vaibhav Suryavanshi -- for $130,500.
Built up by the late Shane Warne, who led them to a title triumph in 2008, Rajasthan are looking for their second title.
Kolkata Knight Riders
The defending champions surprised all with their winning bid for all-rounder Venkatesh Iyer at $2.81 million, the third-highest after Pant and Shreyas.
Venkatesh, a left-handed batsman and right-arm medium-pace bowler, was not retained by the team -- but had a happy homecoming when they successfully bidded for him.
They replaced the slots of Phil Salt and Starc with Quinton de Kock, Anrich Nortje and Spencer Johnson, but left fans and pundits wondering about a captain.
Venkatesh said he was "more than happy" to lead the side.
Squad:v Chakaravarthy
Ramandeep Singh
A Russell
S Narine
R Singh
H Rana
M Markande
V Arora
A Nortje
V Iyer
Q De Kock
A Raghuvanshi
L Sisodia
M Pandey
A Rahane
A Roy
Sunrisers Hyderabad
Hyderabad had retained the Australian duo of Pat Cummins and Travis Head after their runners-up finish, and got another Australian in spinner Adam Zampa in the auction.
Fast bowler Mohammed Shami was picked up at $1.18 million along with other quicks including Brydon Carse (England), Eshan Malinga (Sri Lanka), Harshal Patel (India) and Jaydev Unadkat (India).
Indian wicketkeeper-batsman Ishan Kishan also joined, for $1.33 million.
Squad:
Pat Cummins
Nitish Kumar Reddy
Travis Head
Harshal Patel
Rahul Chahar
Mohammad Shami
Abhinav Manohar
Eshan Malinga
Sachin Baby
Brydon Carse
Abhishek Sharma
Heinrich Klassen
Atharva Taide
Simarjeet Singh
Adam Zampa
Ishan Kishan
Zeeshan Ansari
Jaydev Unadkat
Aniket Verma
Kamindu Mendis
Royal Challengers Bangalore
Still hunting for their first IPL title, Bangalore got England's Salt for $1.36 million to partner star batsman Virat Kohli.
Batting coach Dinesh Karthik called Salt "explosive" and with a "great attitude".
England's Liam Livingstone has also been added to boost the batting.
For bowlers they bought Australia quick Josh Hazlewood for $1.48m and Indian seamer Bhuvneshwar Kumar for $1.27 million.
Squad:
Virat Kohli
Rajat Patidar
Phil Salt
Jitesh Sharma
Devdutt Padikkal
Swastik Chhikara
Josh Hazlewood
Bhuvneshwar Kumar
Rasikh Dar
Yash Dayal
Suyash Sharma
Lungisani Ngidi
Nuwan Thushara
Abhinandan Singh
Mohit Rathee
Liam Livingstone
Krunal Pandya
Tim David
Jacob Bethell
Romario Shepherd
Swapnil Singh
Manoj Bhandage