PSL 2026 All Teams Squads: The Complete Guide to Every HBL PSL 11 Franchise

Complete PSL 2026 All Teams Squads guide for all 8 franchises — full player lists, auction prices, captains, and title contenders for HBL PSL 11.

Key Takeaways

• PSL 2026 (HBL PSL 11) expanded from six to eight franchises and used a live player auction for the first time in league history, replacing the draft system used since 2016.
• Naseem Shah became the most expensive auction buy at PKR 8.65 crore, though Steve Smith’s direct signing at PKR 14 crore technically makes him the highest-paid player in the tournament overall.
• Lahore Qalandars enter as defending champions with their core largely intact, while Hyderabad Houston Kingsmen and a rebranded Multan Sultans join as the league’s newest sides.
• The tournament runs from March 26 to May 3, 2026, features 44 matches across six host cities, and crowns its champion in Lahore.

Ten years of a fixed six-team structure came to an end this season, and PSL 2026 is the direct result. Every franchise agreement expired after the 2025 season, the league expanded to eight teams, and for the first time ever, squads were assembled through a live auction instead of the old draft. If you’re trying to keep track of who plays where, how much they cost, and which squads actually look built to win — this is the complete rundown, team by team.

What Actually Changed This Season

Before getting into individual squads, it’s worth understanding the scale of what shifted heading into PSL 11. Two entirely new franchises joined the league — Hyderabad Houston Kingsmen and a rebranded Multan Sultans — while the original Multan Sultans slot was sold, renamed Pindiz, and relocated to Rawalpindi under new ownership. The salary cap sits at PKR 45 crore per team, extendable to PKR 50.5 crore for a direct overseas signing, and a new trophy called “Infinity” — handcrafted over roughly 2,600 hours by 18 artisans — replaces the league’s previous silverware. Champions this season take home US$500,000 in prize money.

Three players broke the PKR 8 crore mark during the auction itself: Naseem Shah at PKR 8.65 crore, Faheem Ashraf at PKR 8.5 crore, and Daryl Mitchell at PKR 8.05 crore. Those numbers alone tell you how aggressively teams were bidding once real-time competition replaced the predictable order of a draft.

Quick Overview: All Eight Franchises

Lahore Qalandars: Defending Champions With an Almost Unchanged Core

Lahore enters PSL 11 as the team every other franchise is chasing. Shaheen Shah Afridi was retained at PKR 7 crore alongside Abdullah Shafique, Sikandar Raza, and Mohammad Naeem, with Mustafizur Rahman added as a direct signing before the auction opened. The bigger statement came at the auction floor itself, where Lahore paid PKR 7.6 crore to bring back Haris Rauf and PKR 7.95 crore to reclaim Fakhar Zaman — both players they hadn’t retained but clearly weren’t willing to lose.

What makes this squad dangerous isn’t any single name; it’s the combination. Shaheen and Haris Rauf form what’s arguably the strongest new-ball-to-death pace partnership in the tournament, Fakhar gives them a genuinely explosive opener, and Sikandar Raza remains one of the most reliable all-round match-winners in world T20 cricket regardless of conditions.

Islamabad United: Betting Big on Faheem Ashraf

Islamabad United built their squad around continuity at the top and one expensive statement purchase. Shadab Khan stays on as captain at PKR 7 crore, joined by retained players Salman Irshad and Andries Gous, plus Devon Conway as a direct signing at PKR 6.30 crore. The headline move, though, was paying PKR 8.50 crore for Faheem Ashraf — the second-most expensive player in the entire auction — alongside Mark Chapman at PKR 7 crore to strengthen the top order further.

Having tracked Islamabad United’s recent seasons closely, their identity has always leaned tactical rather than star-driven, and this squad fits that pattern even with the big-ticket signings. Conway’s classical top-order game complements Chapman’s aggression, and Faheem Ashraf gives Shadab a genuine all-round option who can change a match with either bat or ball.

Peshawar Zalmi: A Genuinely Star-Studded Batting Order

Peshawar retained Babar Azam at PKR 7 crore along with Sufiyan Muqeem, Abdul Samad, and Ali Raza, then added Aaron Hardie as a direct signing. Their auction strategy prioritized top-order depth: Michael Bracewell and Kusal Mendis both joined at PKR 4.20 crore, and James Vince arrived for PKR 3 crore, giving Peshawar a top three — Babar, Vince, and Mendis — that’s genuinely among the highest-quality batting lineups in the league this season.

Sufiyan Muqeem remains their spin X-factor in the middle overs, while Aamir Jamal and Khurram Shahzad add pace-bowling depth. This is a squad built to win through batting weight rather than raw bowling firepower, which makes their middle-overs execution the one thing worth watching closely.

Quetta Gladiators: Betting on Youth and Mystery Spin

Quetta took a noticeably different route from most of the league. Rather than chasing headline names, they retained Abrar Ahmed at PKR 7 crore alongside Usman Tariq, Hasan Nawaz, and Shamyl Hussain, and added Spencer Johnson as a direct signing. Their auction additions — Rilee Rossouw, Khawaja Mohammad Nafay at PKR 6.50 crore, Tom Curran, and Ben McDermott among them — leaned toward experienced overseas depth rather than marquee purchases.

Abrar Ahmed is genuinely one of the most difficult mystery spinners in T20 cricket right now, and Quetta’s whole identity in recent seasons has been punching above their apparent squad value. Spencer Johnson’s raw pace in the powerplay could end up being the difference between a quiet campaign and a surprise playoff run.

Karachi Kings: All-In on David Warner

Karachi have struggled for consistency in recent seasons, and their approach to PSL 2026 reflects a franchise trying to change that story decisively. Hasan Ali, Abbas Afridi, Khushdil Shah, and Saad Baig were all retained, with Moeen Ali joining as a direct signing at PKR 6.44 crore. Then came the auction’s biggest Karachi moment: David Warner, signed for PKR 7.90 crore.

Warner’s PSL history speaks for itself — he’s a proven performer on Pakistani pitches specifically, not just a big name attached for marketing value. Combined with Moeen Ali’s all-round quality and Abbas Afridi’s new-ball threat, this is a squad with the raw talent to go deep, even if their captaincy situation remained unresolved as of the season’s build-up.

Pindiz: Familiar Faces Under an Entirely New Identity

This is the most tangled storyline of the entire season. The original Multan Sultans franchise was sold to Walee Technologies, renamed Pindiz, and relocated to Rawalpindi — but Mohammad Rizwan stayed on as captain, retained at PKR 7 crore alongside Sam Billings, Zaman Khan, and Yasir Khan. The new ownership then spent aggressively at the auction, paying a record PKR 8.65 crore for Naseem Shah and PKR 8.05 crore for Daryl Mitchell, the most expensive overseas signing of the auction.

Rizwan’s calm, low-drama captaincy style pairs unusually well with a bowling attack this aggressive. Naseem Shah at full pace is a genuine problem for any top order, Mohammad Amir still swings the ball both ways at PKR 5.40 crore, and if that pace unit clicks together early, Pindiz has the pieces to make a real run at the title in its debut campaign under this identity.

Multan Sultans: A Fresh Chapter Under New Ownership

Here’s where the rebrand story completes itself. Sialkot Stallionz, the franchise that originally won its slot at January’s auction, was sold to CD Ventures before the season began — and the new owners chose to revive the Multan Sultans name rather than build a Sialkot identity from scratch. Mohammad Nawaz, Mohammad Salman Mirza, Ahmed Daniyal, and Saad Masood were retained, and the franchise’s biggest move was signing Steve Smith directly, reportedly at PKR 14 crore, making him the highest-paid player in the tournament regardless of category.

Around Smith, Sahibzada Farhan arrives in red-hot recent form at PKR 5.70 crore, and Tabraiz Shamsi adds a left-arm wrist-spin option that’s historically difficult for right-handed batters to pick early. Smith’s leadership experience alone changes how this squad is likely to approach pressure situations, even in a rebuild year.

Hyderabad Houston Kingsmen: The League’s Newest Wildcard

Hyderabad Houston Kingsmen represent one of two genuinely new franchises this season, owned by FKS Group. Saim Ayub anchors the batting from the retained pool, and Marnus Labuschagne joined as a direct signing to add technical solidity at the top. Riley Meredith brings raw Australian pace at PKR 4.20 crore, while Kusal Perera adds an aggressive wicketkeeping option in the middle order.

New franchises often carry more variance than established ones, and Hyderabad is no exception — but that variance cuts both ways. Saim Ayub is capable of winning a match from almost any position in the order, and a squad with genuinely nothing to defend in terms of reputation can play with a freedom established teams sometimes lack in must-win situations.

PSL 2026’s Ten Most Expensive Players

1. Naseem Shah (Pindiz) — PKR 8.65 crore
2. Faheem Ashraf (Islamabad United) — PKR 8.50 crore
3. Daryl Mitchell (Pindiz) — PKR 8.05 crore
4. Fakhar Zaman (Lahore Qalandars) — PKR 7.95 crore
5. David Warner (Karachi Kings) — PKR 7.90 crore
6. Haris Rauf (Lahore Qalandars) — PKR 7.60 crore
7. Shaheen Shah Afridi (Lahore Qalandars) — PKR 7.00 crore
8. Shadab Khan (Islamabad United) — PKR 7.00 crore
9. Babar Azam (Peshawar Zalmi) — PKR 7.00 crore
10. Abrar Ahmed (Quetta Gladiators) — PKR 7.00 crore

Steve Smith’s direct signing at a reported PKR 14 crore sits outside this auction-only list but technically makes him the tournament’s highest-paid player overall.

Format, Auction Rules, and Who Looks Best on Paper

The expanded eight-team format splits the league into two groups of four, with each side playing 10 league matches — facing same-group opponents twice and cross-group opponents once — across a total of 44 matches. Lahore hosts the most fixtures at 15, including both the opener and the May 3 final, followed by Rawalpindi (11), Faisalabad (7), Karachi (6), Multan (4), and Peshawar (1).

The auction itself ran for roughly eight hours at Lahore’s Expo Centre, with close to 900 players registered and 103 eventually sold. Each squad needed a minimum of 16 players, could carry up to 20, and had to include at least two Under-23 uncapped players, with one required in the playing XI. Contracts run for two years, and a transfer window between March 12 and 18 allowed limited player movement before the tournament began.

On raw squad quality, Lahore Qalandars, Peshawar Zalmi, and Pindiz look like the most complete sides heading into the tournament, with Islamabad United and Multan Sultans as credible dark horses depending on how their new combinations settle. Hyderabad Houston Kingsmen remain the wildcard — a team with genuine top-order talent but no track record playing together under pressure.

FAQs: PSL 2026 Squads

How many teams are in PSL 2026? Eight — the most in league history, including new franchises Hyderabad Houston Kingsmen and a rebranded Multan Sultans.

What happened to the original Multan Sultans franchise? It was sold to Walee Technologies, renamed Pindiz, and relocated to Rawalpindi, while a separate franchise (originally Sialkot Stallionz) was sold to CD Ventures and rebranded as the new Multan Sultans.

Who is the most expensive player in PSL 2026? Naseem Shah was the top auction buy at PKR 8.65 crore, but Steve Smith’s reported PKR 14 crore direct signing makes him the highest-paid player in the tournament overall.

When does PSL 2026 start and end? The tournament runs from March 26 to May 3, 2026, with the final held in Lahore.

For a deeper look at how the league’s newest franchises came together, check out our full PSL 2026 new teams guide covering Hyderabad, Pindiz, and the Sialkot–Multan rebrand in detail. Official squad and auction data can be cross-checked via ESPNcricinfo and the PSL official website. Which squad do you think has the edge this season — drop your prediction in the comments and share this guide with fellow PSL fans.