Delays in securing stable broadcast and sponsorship deals were listed as key reasons for the failure.
South African Cricketers Association boss Tony Irish says discussions lie ahead.
"There's a legal position which we will be on top of - and we're confident some compensation will be paid - but it will be substantial amounts, so it's probably not going to happen overnight.
"We're still not sure what this postponement means: Will contracts be carried over? Will there be an event next year? What will be the scale?
"The players have contracts - about 140-odd are affected - and we maintain that they need to be compensated."
Most standard contracts would be worth in the vicinity of US$30,000-$50,000 ($42,400- $70,700) in most T20 franchise competitions.
The SACA has called for an "independent review" because of the impact on players who turned down other opportunities to sign.
The South African contingent are worst affected. Six weeks of their summer had been allocated to the event with neither the national team nor domestic franchises in action.
A flood of applications are expected for the Bangladesh Premier League, whose schedule overlapped. The early stages of New Zealand Cricket's Burger King Super Smash T20 also clashed with the finals.
McCullum is a veteran of the global T20 circuit, and moreso since his retirement, so has had time to establish himself as a freelancer pinballing around the world.
However, McClenaghan only requested New Zealand Cricket terminate his national contract in August.
In addition to his IPL deal with Mumbai Indians, McClenaghan played for the St Lucia Stars in the Caribbean Premier League and has a contract with the Sydney Thunder in the Big Bash League.
