Punjab Kings are known for chopping and changing their squad ahead of every season. However, they opted for consistency ahead of the Indian Premier League 2024. They released only a few players ahead of the auctions and retained almost all of their first-choice players.
Punjab Kings needed only 8 slots to fill, including two overseas slots. The Mohali-based franchise had a purse of INR 29.1 crore going into the auctions.
| Player | IPL Price |
| Shikhar Dhawan | 8.2 crore |
| Jonny Bairstow | 6.75 crore |
| Jitesh Sharma | 20 lakh |
| Prabhsimran Singh | 60 lakh |
| Matthew Short | 20 lakh |
| Harpreet Bhatia | 40 lakh |
| Atharva Taide | 40 lakh |
| Rishi Dhawan | 55 lakh |
| Sam Curran | 18.5 crore |
| Sikandar Raza | 50 lakh |
| Liam Livingstone | 11.5 crore |
| Gurnoor Singh Brar | 2 crore |
| Shivam Singh | 20 lakh |
| Rahul Chahar | 5.25 crore |
| Arshdeep Singh | 4 crore |
| Harpreet Brar | 3.8 crore |
| Kagiso Rabada | 9.25 crore |
| Vidwath Kaverappa | 20 lakh |
| Nathan Ellis | 75 lakh |
Punjab Kings had a purse of INR 29.1 crore to begin the auctions and the Mohali-based franchise spent a massive chunk of it on Harshal Patel as they signed the right-arm pacer for INR 11.75 crore.
They also added reinforcements to their pace attack by signing Chris Woakes for INR 4.20 crore. Following that, the Kings from Punjab added five uncapped Indian players to the squad at their base price of INR 20 lakh.
Towards the conclusion of the auctions, Punjab Kings entered into a bidding war for the South African batter Rilee Rossouw and won it. They signed the left-handed batter for a massive amount of INR 8 crore.
| Player | IPL Salary |
| Harshal Patel | 11.75 crore |
| Chris Woakes | 4.20 crore |
| Ashutosh Sharma | 20 lakh |
| Vishwanath Singh | 20 lakh |
| Shashank Singh | 20 lakh |
| Tanay Thayagarajan | 20 lakh |
| Prince Choudhary | 20 lakh |
| Rilee Rossouw | 8 crore |
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