The four-member Committee, with BCCI president Jagmohan Dalmiya at its helm, would decide the names of the players to be divided into three groups for introducing the contracts which have been hanging fire for long due to one reason or the other.
Apart from Dalmiya, the meeting would be attended by BCCI secretary S K Nair, national team coach John Wright and selection commitee chairman Syed Kirmani. Indian captain Sourav Ganguly, who returned home after the ICC Champions Trophy engagements on Thursday, would also be consulted by the committee before finalising its decision.
The contracts were all but ready to be signed prior to the team's departure for the Asia Cup in July, before differences cropped up among the players over the payment amounts, with some junior members of the national side expressing dissatisfaction over the huge difference between grade A and the other two grades.
The Board had originally proposed that the players would be divided into three grades - A, B and C - depending on their experience and given annual contracts of Rs 60 lakh, Rs 30 lakh and Rs 15 lakh respectively apart from match fees.
The cricketers later came to an agreement among themselves and suggested to the Board that the three grades should provide annual retainership of Rs 50 lakh, Rs 35 lakh and Rs 20 lakh respectively.
The payment for the three grades of cricketers was restructured accordingly and the matter got the nod from the Board's Working Committee last month. The players also wanted reserves to get 70 per cent of match fees instead of the previously recommended 50 per cent, but the BCCI has not accepted the proposal.
The idea of the contract system, which originated during the presidency of Dalmiya's predecessor A C Muthiah, reached the drawing board more than a year back. A series of parleys among players as also between the Board and the players have taken place during this period to push the concept towards implementation.