The officials have already started informal discussion on the way forward before the IPL Governing Council meets for an emergency session in Mumbai on Sunday.

IPL Chairman Rajeev Shukla is scheduled to meet BCCI President Jagmohan Dalmiya late this evening and tomorrow morning in Kolkata to discuss the implications of the Supreme Court-appointed Justice R M Lodha committee verdict.

The BCCI is keen to ensure that the cash-rich league remains an eight-team tournament as its contract with the broadcasters -- Multi Screen Media -- envisages a 60-match schedule.

"We have started discussions on the way forward. We have studied the Justice Lodha committee report, the Governing Council will discuss all aspects of this verdict and decide the future course of action," a top BCCI official said.

The official said that the Board could possibly explore two options to ensure that the IPL remains an eight-team event.

"The BCCI can run the two teams for two years and the original owners can come back after the ban period is over. The other option is to invite fresh bids for two new teams since many corporates have expressed an interest in buying an IPL team," he said.

The problem that BCCI might face if it invites bids for two new teams is that it could increase the number of teams to 10 after CSK and RR complete their ban period. Drawing up a home and away basis schedule for 10 teams could drag the league well beyond its stipulated window of about six weeks.

There are few members of the BCCI who are keen to invite fresh bids since it will generate more money for the league.

BCCI running two teams may not be economically viable since the entire cost of managing the team and playing the players their salaries will have to be borne by the Board.

In case the BCCI invites bids for two new teams, all the players of CSK and RR will go back to the auction pool. Star players like Mahendra Singh Dhoni, Suresh Raina, Ravichandran Ashwin, Dwayne Bravo, Faf du Plessis, Shane Watson, Steve Smith, James Faulkner, Ravindra Jadeja, Brendon McCullum, Mike Hussey and Ashish Nehra will then be up for grabs again.

A fresh auction was supposed to be held before the 2017 IPL but current situation may drive the BCCI to have one before the scheduled time. The storm was triggered by the suspension of CSK and RR and their top officials Gurunath Meiyappan and Raj Kundra.

Meiyappan, a former Team Principal of India Cements Ltd (ICL)-owned franchise CSK and Kundra, co-owner of Jaipur IPL that runs Rajasthan Royals (RR), were suspended for life from any matches conducted by BCCI.

Seen as a clean-up of the mess following the worst scandal that broke out two years ago in the popular cricket league, the punishments were handed down by a three-member panel headed by former CJI R M Lodha which was asked by the Supreme Court to decide the quantum of punishments after finding them guilty of betting.

Shocked by the order, the owners of CSK, whose top players include top India players Mahendra Singh Dhoni, Suresh Raina, Ravichandran Ashwin and Ravindra Jadeja, held discussions with their lawyers and have planned to move the apex court against the panel's decision.

Similarly, the Rahul Dravid-mentored RR, whose players include stand-in India captain Ajinkya Rahane and Stuart Binny, were also said to be planning moves to seek relief. Since it is a Supreme Court appointed committee, entrusted with the task of giving the quantum of punishment, experts feel the teams may not get the relief they expect.

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