The Caribbean Premier League (CPL or CPLT20) is a Twenty20 cricket tournament held in the Caribbean every year. It was created in 2013 and replaced the Caribbean Twenty20. Now the main and most anticipated Twenty20 competition in the Caribbean is the CPL. With the official title as the Hero CPL, it is currently sponsored by Hero MotoCorp. The inaugural tournament was won by the Jamaica Tallawahs who defeated the Guyana Amazon Warriors in the final. The CPL salary cap is $780,000 as of December 30th, 2015. This is an increase from $600,000 previously.
Caribbean Premier League Wiki
The Caribbean Twenty20 tournament was created in 2010 by the WICB after the prior tournament, Stanford 20/20 was shut down. This was due to the sponsor, Allen Stanford being charged with fraud and was arrested in June 2009. As a result, we got the CPL which now represents Caribbean.