You say the players have to accept a contract, if offered. It’s difficult to see how that particular rule of the IPL auction could be enforced in law, if it ever came to it. This is probably a factor too in the minds of the players.
So your argument is that you are right because players would willingly be sued just to find out how much they are worth? And that in reality they know they wont, so they are happy to breach the contract? Seems a pretty long winded way of finding how much you could earn.... I think the more natural conclusion is to assume these players are actually wanting to make that money and play.
The players dont "accept" the contract, they propose the contract terms as part of the auction process, with the bidder accepting those terms. The auction is merely a process to decide the "consideration" amount under the contract... obviously a term of the offer from the player is that the reserve price is met, which they set.

