India's limited-overs captain Mahendra Singh Dhoni and Suresh Raina will play for the new franchises, with Dhoni going to Pune and Raina being picked up by Rajkot.
Australian captain Steven Smith, South African batsman Faf du Plessis and Indians Ajinkya Rahane and Ravichandran Ashwin were selected by Pune.
Aside from McCullum, Rajkot picked up India all-rounder Ravindra Jadeja, Australian all-rounder James Faulkner and West Indian all-rounder Dwayne Bravo.
The remaining players from Chennai and Rajasthan will be available to Pune and Rajkot in an auction to be conducted in February.
Last week, New Rising Consortium-owned Pune and mobile phone manufacturer Intex-owned Rajkot were selected as the replacement franchises following a reverse-bidding process in which bidders were asked to discount their annual revenue share of $6 million.
New Rising gave up that revenue entirely and also committed to pay $2.4 million per year to the BCCI.
Intex will pay $1.5 million per year.
- AAP