PSL 12 Retention Rules: Each Team Can Keep 7 Players, Rs 45 Crore Salary Cap and Every Key Date

Each PSL 12 franchise can retain up to seven players, including its Direct Signing, by 13 January 2027. The salary cap for the Player Auction on 23 January is Rs 45 crore, which rises to Rs 50.5 crore for a team with a Direct Signing. Every team must spend at least Rs 36.5 crore. A team that keeps all seven must release one player from the top price tier of the last auction.

These rules were agreed by all eight franchises at a workshop at Gaddafi Stadium, Lahore, on 29 October 2026, and the PCB published them the next day. We read that release on the PCB website. Below is each rule in plain words, the numbers in rupees, and the dates that matter between now and the first ball on 18 March 2027.

Seven players is the retention limit

A PSL 12 franchise can retain a maximum of seven players, and that count includes its Direct Signing. The deadline is 13 January 2027, ten days before the auction. Players not retained go into the auction pool.

There is one catch. If a team uses the full seven, it must return one player from the highest price tier of the last auction to the general pool. The PCB says this keeps top players available to every team at the auction.

So a team has three practical choices:

• Keep six or fewer players and lose nobody extra.
• Keep seven and give up one top-tier player from the last auction.
• Keep fewer and go to the auction with more money to spend, within the cap.

The PCB release does not list which players are in the "highest price tier". Last season's auction categories and prices are not repeated in the release, so we do not name anyone here.

The salary cap is Rs 45 crore, or Rs 50.5 crore with a Direct Signing

Each franchise enters the auction with a salary cap of Rs 45 crore, about USD 1.6 million by the PCB's estimate. The cap rises to Rs 50.5 crore if the team makes a PSL 12 Direct Signing, keeps last season's Direct Signing, or does both. The minimum spend is Rs 36.5 crore.

One crore is 10 million rupees, so the conversion in the middle column is ours. The extra Rs 5.5 crore is the room a Direct Signing buys. The PCB does not say whether retained players' fees count against the cap at their old price or a new one, so we cannot say how much each team will have left on auction day.

Direct Signings close on 23 November 2026

Each franchise may directly sign one marquee player who did not play in PSL 10 or PSL 11. The window opened on 23 October and closes on 23 November 2026. A Direct Signing counts as one of the seven retentions.

A Direct Signing is a player a team signs outside the auction, by private deal. The rule is meant to bring in new star names, which is why anyone who played in either of the last two seasons is not eligible. The opening of this window and the full road map are in our earlier report on PSL 12 Direct Signings and the 23 January auction.

We have not seen an official PSL list of Direct Signings made so far. Team announcements on social media are not something we treat as confirmed until the league publishes them.

Every PSL 12 date from now to the final

The next deadline is 23 November for Direct Signings. Retentions close on 13 January, the auction is on 23 January and the season runs from 18 March to 2 May 2027. These dates come from the PCB's releases of 23 and 30 October.

1. 23 November 2026: last day for franchise Direct Signings.
2. 13 January 2027: retention deadline, up to seven players.
3. 23 January 2027: Player Auction, only the second in PSL history.
4. 18 March 2027: PSL 12 starts.
5. 2 May 2027: PSL 12 final.

The PCB says the retention deadline falls after the National T20 Silver tournament ends and while the National T20 Gold is being played. Teams will see form in domestic T20 cricket before they decide. The season window itself is covered in our page on PSL 12 dates.

What these rules mean for fans

The rules decide how much a squad can change. A team that keeps seven players starts the auction with a settled core but a smaller budget gap. A team that keeps fewer can rebuild. Here is what to watch:

The release says the franchises also agreed on trade windows and squad sizes, but it does not publish the numbers. The PCB says "more major announcements" are coming. Playing rules such as the overseas player limit are a separate matter, set out in our guide to PSL playing rules.

Common questions

How many players can a PSL 12 team retain?

Seven at most, including its Direct Signing. A team that keeps seven must release one player from the highest price tier of the last auction.

What is the PSL 12 salary cap?

Rs 45 crore per franchise, rising to Rs 50.5 crore for a team with a Direct Signing. The minimum spend is Rs 36.5 crore.

What is the PSL 12 retention deadline?

13 January 2027, ten days before the Player Auction on 23 January.

Who can be a PSL 12 Direct Signing?

One marquee player per team who did not play in PSL 10 or PSL 11. The window closes on 23 November 2026.

How many teams are in PSL 12?

Eight. The PCB release says all eight franchises agreed the framework.

Has the PCB published squad size limits for PSL 12?

Not yet. The release says squad sizes and trade windows were agreed but does not give the numbers.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read the PCB release "HBL PSL 12 Framework Locked In: Franchises Agree Retention Rules, Auction Terms and Squad Structures in Full", dated Lahore, 30 October 2026, on the PCB website on 4 November 2026. Retention, cap, minimum spend and Direct Signing rules come from that release. The season dates come from the PCB road map release of 23 October 2026. Rupee conversions from crore are ours. Squad sizes, trade windows and the price-tier list are not published, so we do not state them.