Afghanistan's Rashid Khan was the first pick in Sunday's inaugural The Hundred draft.
The leg-spinner will earn £ 125,000 after being picked by Trent Rockets.
Australia team-mates Steve Smith and Mitchell Starc will play together at Welsh Fire while David Warner was drafted by Southern Brave.
However, West Indies opener Chris Gayle, South Africa bowler Kagiso Rabada and Sri Lanka's Lasith Malinga all missed out on the selection.
The BBC will have live television coverage of 10 men's matches from The Hundred next summer and up to eight live matches from the women's tournament, including both finals.
Rashid, 21, will play alongside England Test captain Joe Root, who described him as "one of the best players in the world".
"It's going to be great to have Rashid join us at Trent Bridge next summer," Root said.
"I've played against him and I know he's a fierce competitor and one of the best players in the world."
A total of 96 players were selected to be the first major player in British sport, with 474 going unsold.
Lancashire and England batsman Liam Livingstone was drafted by Birmingham Phoenix, joining Eoin Morgan, Moeen Ali and Jason Roy on the £ 125,000 maximum contract.
Domestic players Liam Dawson, Lewis Gregory, Sam Billings, Phil Salt, Alex Hales, James Vince, Adil Rashid, Tom Banton, Tom Abell and Ravi Bopara also picked up six-figure contracts.
Former England batter Ebony Rainford-Brent said the opportunity for domestic players is the "most exciting" thing about the new tournament.
Ryan Sidebottom, the former England bowler, added: "It's absolutely brilliant the homegrown players have been selected.
"It happens in the Indian Premier League and the Australian Big Bash so it's great to see the English players getting picked up for great prices."
Which other big names were picked?
The second £ 125,000 pick was the West Indies all-rounder Andre Russell, who was signed by Southern Brave.
Australians Aaron Finch, Glenn Maxwell and D'Arcy Short (all £ 125,000) were signed by Northern Superchargers, London Spirit and Trent Rockets respectively.
Rashid's Afghanistan team-mate and fellow spinner Mujeeb ur Rahman, 18, was also signed by the Superchargers – another £ 125,000 pick – while all-rounder Mohammad Nabi (£ 100,000), was selected by London Spirit.
Nepal's 19-year-old leg-spinner Sandeep Lamichhane (£ 100,000) was picked by Oval Invincibles, as was the West Indies all-rounder Sunil Narine (£ 125,000).
Pakistan left-arm seamer Mohammad Amir (£ 100,000) will play for London Spirit while capturing New Zealand Kane Williamson (£ 100,000) joins Birmingham Phoenix.
The teams have one last chance to add to their squad with a 'wildcard' pick next summer.
The centrally-contracted England Test players were already assigned to teams prior to Sunday night's draft, along with two 'local icons'.
Squads in full
Trent Rockets: Joe Root, Rashid Khan, D'Arcy Short, Lewis Gregory, Alex Hales, Nathan Coulter-Nile, Harry Gurney, Steven Mullaney, Matthew Carter, Luke Wood, Tom Moores, David Malan, Ben Cox, Luke Fletcher, Luke Wright.
Southern Brave: Jofra Archer, Andre Russell, David Warner, Liam Dawson, James Vince, Shadab Khan, Chris Jordan, Tymal Mills, Ross Whiteley, Delray Rawlins, Ollie Pope, George Garton, Alex Davies, Max Waller, Craig Overton.
Northern Superchargers: Ben Stokes, Aaron Finch, Mujeeb Ur Rahman, Chris Lynn, Adil Rashid, Adam Lyth, David Willey, Richard Gleeson, Ben Foakes, Tom Kohler-Cadmore, David Wiese, Nathan Rimmington, Brydon Carse, Ed Barnard, John Simpson.
Welsh Fire: Jonny Bairstow, Mitchell Starc, Steve Smith, Colin Ingram, Tom Banton, Ben Duckett, Ravi Rampaul, Simon Harmer, Qais Ahmed, Liam Plunkett, Ryan ten Doeschate, David Payne, Ryan Higgins, Danny Briggs, Leus du Plooy.
Oval Invincibles: Sam Curran, Sunil Narine, Jason Roy, Sam Billings, Sandeep Lamichhane, Rilee Rossouw, Tom Curran, Reece Topley, Hardus Viljoen, Fabian Allen, Alex Blake, Will Jacks, Chris Wood, Nathan Sowter, Laurie Evans.
Manchester Originals: Jos Buttler, Imran Tahir, Dane Vilas, Phil Salt, Tom Abell, Matt Parkinson, Saqib Mahmood, Daniel Christian, Wayne Madsen, Wayne Parnell, Mitchell Santner, Joe Clarke, Marchant de Lange, Ed Pollock, Eddie Byrom.
London Spirit: Rory Burns, Glenn Maxwell, Eoin Morgan, Mohammad Nabi, Mohammad Amir, Roelof van der Merwe, Mark Wood, Joe Denly, Dan Lawrence, Mason Crane, Kyle Abbott, Adam Rossington, Zak Crawley, Jade Dernbach, Luis Reece.
Birmingham Phoenix: Chris Woakes, Liam Livingstone, Moeen Ali, Kane Williamson, Ravi Bopara, Benny Howell, Tom Helm, Shaheen Afridi, Pat Brown, Adam Hose, Cameron Delport, Henry Brookes, Adam Zampa, Riki Wessels, Chris Cooke.
Women's marquee players announced
Australia captain Meg Lanning is one of eight marquee players for the Women's Hundred competition, which also begins in 2020.
Lanning, who led Australia to an Ashes victory in England this summer, will join her international coach Matthew Mott at Welsh Fire.
New Zealand's Suzie Bates, the number one ranked T20 player, will join Southern Brave, while Australia wicketkeeper Alyssa Healy will represent Northern Superchargers.
England limited-overs opener Tammy Beaumont will link up with her international captain Heather Knight at London Spirit.
Two England women centrally contracted players have already joined the teams, and head coaches have until May 31 to complete their 15-strong squads.
Who's going where?
- Birmingham Phoenix: Sophie Devine (NZ)
- London Spirit: Tammy Beaumont (Eng)
- Manchester Originals: Lizelle Lee (SA)
- Northern Superchargers: Alyssa Healy (Aus)
- Oval Invincibles: Dan van Niekerk (SA)
- Southern Brave: Suzie Bates (NZ)
- Trent Rockets: Sophie Molineux (NZ)
- Welsh Fire: Meg Lanning (Aus)
'A lot goes into it' – what the coaches said
Trent Rockets coach Stephen Fleming: "You only get three or four days before you start playing so you can't create any grand plans to introduce team spirit so it's important to sign players who know the team and the area.
"A lot goes into it and there's a lot of sheets that I'm happy to throw into the bin now because it preoccupies your mind in advance."
London Spirit coach Shane Warne: "We've got a lot of variety in our attack. We've got spinners, pace and people who change the pace well.
"Eoin Morgan is the best limited-overs captain around at the moment so we're very lucky to have him. The players will learn a lot from him."
Welsh Fire coach Gary Kirsten: "It was good fun actually. It's always amazing these drafts because we're all looking at the same players. When you look at the squads, they all look pretty balanced."
Birmingham Phoenix assistant coach Daniel Vettori: "Everyone kept taking our wicketkeepers before us so we went for two at the end just to be safe!"
When is The Hundred?
In an effort to attract more families to the game, the competition will be played at school summer holidays – from July 17 to August 16, 2020.
Teams will play each other at once, apart from their paired 'rivals' whom they meet twice (home and away). There will be 32 league matches in total, with the top three finishers competing in the Finals Day (the top team automatically reaching the final, with second versus third for the other spot in the final).
The paired rivals (playing each other twice) are Leeds and Manchester, the two London teams, Birmingham and Nottingham and Southampton and Cardiff.