The players, who will be graded in three categories, will get Rs 50 lakh, 35 lakh and 20 lakh per year respectively under the new contracts system.
Hafeez said the board would factor in a players' workload ahead of next year's T20 World Cup before giving him a 'No Objection Certificate'(NOC) to take part in one of the growing number of lucrative franchise leagues around the world.
A meeting of the CCEA is likely to be held next week.
