Steve Smith is raking it in.
Steve Smith is raking it in.

Steve Smith, David Warner's colossal payday makes history

STEVE Smith and David Warner will become the highest paid Australians in the history of the Indian Premier League (IPL) after they were both snapped up for more than $AUD2 million.

Australia's two batting dynamos dominated the IPL last season, with Warner topping the run-scorers list with 641 at 58.27 while Smith was fourth with 472 runs to his name.

And the pair were rewarded in kind on Thursday night.

Warner was retained by Sunrisers Hyderabad, while Smith will play with the returning Rajasthan Royals, both for $2.4 million.

Smith's contract means he will move from the Rising Pune Supergiants, who replaced the suspended Royals for the 2016 and 2017 seasons. It also comes a day after former Australian captain Michael Clarke warned that the world's best batsman would need to monitor his workload in coming years.

The deals overtake the $2.01 million contract Shane Warne inked with the Royals in 2011, and is well above the $1.07 million the pair were both listed as being signed on last year.

The dream team.
The dream team.

They're unlikely to be the only Australians set to profit big from this year's tournament.

A new broadcast deal worth $3.2 billion has caused the salary cap to rise by 20 per cent to $16.28 million this year - more than is spent for all eight Big Bash League clubs combined.

Mitchell Starc has already indicated he will nominate for the January 27 and 28 auction in Bangalore, while a more open schedule means the likes of Josh Hazlewood, Pat Cummins and Glenn Maxwell could all benefit.

All-rounder Mitchell Marsh has already confirmed he won't play in the competition in 2018 after signing with English county club Surrey in the hope of readying himself for next year's Ashes.

Meanwhile Indian captain Virat Kohli also signed the most lucrative deal in the history of the IPL, retained by Royal Challengers Bangalore for $3.4 million - eclipsing Yuvraj Singh's $3.2 million in 2015.