The table below lists the 30 most successful players after 31 matches of the second season of the Indian Premier League [Images].

Some players however cost much more to deliver the same sort of performance. Compare, for instance Jacques Kallis [Images] vs Abhishek Nayar [Images]. Both have an almost identical most valuable player index (MVPI) -- 197 vs 199 -- but Kallis costs nine times more!

Player	Team	From	Runs	Strike Rate	W	Eco	M	MVPI	Money ($)	PVI	Age
Suresh Raina [Images]	CSK	IND	264	147.5	4	5.5	7	405	650000	895	22
M Hayden	CSK	AUS	289	161.5	0	--	7	370	375000	564	37
Yusuf Pathan [Images]	RR	IND	181	161.6	4	6.6	7	307	475000	863	26
AB de Villiers [Images]	DD	SA	228	139.0	0	--	7	306	300000	491	25
Brad Hodge	KKR	AUS	240	112.1	6	7.8	8	302	100000	208	34
Adam Gilchrist [Images]	DC	AUS	210	154.4	0	--	7	294	700000	1193	37
Irfan Pathan [Images]	KXI	IND	134	122.9	10	7.6	8	283	925000	1869	24
Yuvraj Singh [Images]	KXI	IND	208	130.8	3	7.5	8	274	1063750	2216	27
RP Singh	DC	IND	8	57.1	13	6.7	7	234	875000	1874	23
Lasith Malinga [Images]	MI	SL	0	--	11	4.8	6	226	350000	751	25
Sachin Tendulkar [Images]	MI	IND	209	124.4	0	7.8	6	223	1121250	2448	36
Anil Kumble [Images]	BRC	IND	8	66.7	10	5.8	8	208	500000	1375	38
Tillakaratne Dilshan [Images]	DD	SL	184	131.4	0	8.4	7	205	250000	611	32
Abhishek Nayar	MI	IND	102	143.7	4	5.9	6	199	100000	244	25
Jacques Kallis	BRC	SA	220	118.3	1	9.8	7	197	900000	2552	33
Chris Gayle [Images]	KKR	WI	171	119.6	1	7.6	7	196	800000	2280	29
Pragyan Ojha [Images]	DC	IND	1	20.0	10	5.8	7	195	30000	77	22
Jean-Paul Duminy [Images]	MI	SA	186	111.4	1	7.7	6	193	950000	2388	25
MS Dhoni	CSK	IND	165	125.0	0	--	7	193	1500000	4341	27
MN van Wyk	KKR	SA	167	128.5	0	--	4	192	50000	149
Dinesh Karthik [Images]	DD	IND	127	139.6	0	--	7	190	525000	1383	23
Rohit Sharma [Images]	DC	IND	149	118.3	1	7.3	7	189	750000	1989	22
Dwayne Smith	DC	WI	151	175.6	0	10.3	6	189	100000	258	26
Shane Warne [Images]	RR	AUS	63	87.5	9	7.8	7	187	450000	1341	39
Sanath Jayasuriya [Images]	MI	SL	137	122.3	4	9.2	6	184	975000	2581	39
Dwayne Bravo [Images]	MI	WI	94	108.0	7	8.7	4	183	150000	327	25
Yusuf Abdulla	KXI	SA	0	--	14	8.6	8	182	50000	157	26
Praveen Kumar	BRC	IND	44	133.3	8	7.1	7	182	300000	920	22
Ravindra Jadeja [Images]	RR	IND	168	108.4	1	6.5	7	181	30000	92	20
Rahul Dravid [Images]	BRC	IND	144	135.8	0	--	5	179	1035000	3065	36

The best picks from this list would be players with a more modest price tag (US $100,000 to $400,000) who have delivered outstanding performances: Matthew Hayden [Images], AB de Villiers, Brad Hodge, Lasith Malinga, Tillakaratne Dilshan, Abhishek Nayar, Pragyan Ojha, van Wyk, Dwayne Smith, Dwayne Bravo, Yusuf Abdulla and Ravindra Jadeja. [Some player prices cannot be confirmed]

All these players put together would cost approximately two million dollars -- much less than what Kevin Pietersen [Images] or Andrew Flintoff [Images] is earning!

The IPL pricing so far has been extremely irrational, and one expects franchise owners to correct this in subsequent years.

The table below shows how the 30 most expensive players are performing -- or have performed before leaving.

Player	Team	From	Runs	Strike Rate	W	Eco	M	MVPI	Money ($)	PVI	Age
K Pietersen	BRC	ENG	93	109.4	4	6.5	6	160	1550000	4145	28
A Flintoff	CSK	ENG	62	117.0	2	9.5	3	81	1550000	4088	31
MS Dhoni	CSK	IND	165	125.0	0	--	7	193	1500000	4341	27
Sachin Tendulkar	MI	IND	209	124.4	0	7.8	6	223	1121250	2448	36
Sourav Ganguly [Images]	KKR	IND	104	106.1	2	8.1	8	113	1092500	6104	36
Yuvraj Singh	KXI	IND	208	130.8	3	7.5	8	274	1063750	2216	27
Rahul Dravid	BRC	IND	144	135.8	0	--	5	179	1035000	3065	36
Sanath Jayasuriya	MI	SL	137	122.3	4	9.2	6	184	975000	2581	39
Jean-Paul Duminy	MI	SA	186	111.4	1	7.7	6	193	950000	2388	25
Ishant Sharma [Images]	KKR	IND	16	123.1	9	6.8	8	176	950000	3388	20
Irfan Pathan	KXI	IND	134	122.9	10	7.6	8	283	925000	1869	24
Jacques Kallis	BRC	SA	220	118.3	1	9.8	7	197	900000	2552	33
RP Singh	DC	IND	8	57.1	13	6.7	7	234	875000	1874	23
Harbhajan Singh [Images]	MI	IND	54	180.0	3	6.2	6	144	850000	2867	28
Virender Sehwag [Images]	DD	IND	87	167.3	0	--	5	117	833750	3374	30
Chris Gayle	KKR	WI	171	119.6	1	7.6	7	196	800000	2280	29
Robin Uthappa [Images]	BRC	IND	123	109.8	0	--	7	141	800000	3172	23
Rohit Sharma	DC	IND	149	118.3	1	7.3	7	189	750000	1989	22
Gautam Gambhir [Images]	DD	IND	140	112.0	0	--	7	132	725000	2751	27
Adam Gilchrist	DC	AUS	210	154.4	0	--	7	294	700000	1193	37
K Sangakkara	KXI	SL	193	102.7	0	--	8	167	700000	2395	31
B McCullum	KKR	NZ	85	83.3	0	--	7	85	700000	5059	27
Jacob Oram [Images]	CSK	NZ	54	112.5	3	8.3	5	99	675000	3604	30
Manoj Tiwary	DD	IND	9	69.2	0	11.0	2	13	675000	21883	23
Suresh Raina	CSK	IND	264	147.5	4	5.5	7	405	650000	895	22
Albie Morkel	CSK	SA	45	132.4	7	8.0	6	148	650000	2392	27
Tyron Henderson	RR	SA	11	73.3	1	7.5	1	18	650000	16791	34
Daniel Vettori [Images]	DD	NZ	29	103.6	7	8.4	5	145	625000	2039	30
M Muralitharan [Images]	CSK	SL	3	60.0	7	5.5	6	166	600000	1965	37
Herschelle Gibbs [Images]	DC	SA	148	120.3	0	--	7	178	575000	1617	35

A reasonable pricing rule could be: any player with a paisa vasool index (PVI) of over 2000 is overpriced, unless it is a Sachin Tendulkar or a Mahendra Singh Dhoni [Images] or a Virender Sehwag (who could be allowed a PVI of up to 3000); any established player with a PVI below 500 is underpriced, and the fairest price tag would be to pay an established player an amount that delivers a PVI between 1000 and 1500.

Srinivas Bhogle now works for TEOCO Software Pvt Ltd. This note is based on the detailed IPL1 analysis carried out by Purnendu Maji in 2008. The paisa vasool index uses a model developed by M J Manohar Rao and Rajeeva L Karandikar.