I can stretch my brain to understand how Kaif > Younis, Ishant > Zaheer, Raina > M Hussey for the IPL in terms of valuation. What I cannot fathom is the universe in which Kaif = 3X Younis, Ishant = 2X Zaheer and Raina = 2X M Hussey etc.
Except Mohali (which picked Sanga, Mahela,Yuvraj, Sarwan for batting and Lee, Irfan,Sreesanth,Chawla, Powar for bowling and Katich as all rounder and appears to be a surprisingly balanced team), the other teams appear to be a random collection of individuals.
Kaif>3x Younis probably because Kaif is an Indian player and will be useful in drawing crowds, marketing. Indian players are infinitely more valuable in the Indian context. What use is having another foreign player when you can play only 4 as well. That Kaif is actually one of the best one day players in the country isn't bad at all. Younis might also be suffering because he might play the Pak-Aus series (not sure if that is the reason but it might be).
Ishant = 2x Zaheer as Ishant is a very hot commodity right now after his recent exploits. It is like Yuvraj was hot after his ICC knock out exploits in 2000. Given how he has not been
sold to the Indian market till now, whatever he promotes will earn the franchises a fair bit of money. Zaheer Khan, for all his brilliant performances in tests, doesn't catch the fancy like a young Ishant does right now.
Raina = 2x M Hussey as Raina is again, an Indian who is not a bad T20 player at all. His explosiveness can mean that if he makes runs, there is a huge chance he might, it can be a good draw apart from attracting sponsors. Like Kaif, he is not a bad player either.
The surprising insane money for Indian players like say Manoj Tiwari has reasoning too. Most of the owners of these teams have a lot of money. They don't mind taking the risk of spending a few extra dollars on Indians who might become stars. These contracts are for 3 years and so if even 1 of their manouvers clicks, they would have struck gold. A bit of a loss on some Indian players (and most of even these young guns wont mean loss deals as they can use the likes of Kaifs and Rainas in team ads with big stars in ads and build the team brand along with building these younger players) isn't a massive risk considering how much they can earn on a few players who strike gold.
Some one like Ishant is worth is weight in gold right now. They aren't thinking 3 years in terms of players like this who are hot right now.
Because the BCCI introduced a cap, I reckon that these players were under sold. I am sure many players would have sold for much more had they not imposed the cap on what each team can spend in the auction. So while every one seems shocked at the amount of money these players have commanded, the ground reality is that a fair bit of international players the world over (the Indian players to a large extent) are terribly under paid by their boards compared to the prices they can command on the open market.
The boards like New Zealand, Sri Lanka and West Indies are in no position to pay the players the insane levels of money they can command from some thing like an IPL for 6 weeks work. This is another reason why the ICC has been stupid to not allow a window for the IPL in their Future Tours Programme. They could have curtailed what is essentially a menace for them. Instead, they encourage it to face possible head on collisions which would stretch the players into asking Kolkata or Sri Lanka.