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Yes, all the ₹27 crore that LSG bid for Pant goes entirely to the player over the period of his contract. The BCCI does not have any claim on the money bid on players. The money that is bid on players becomes their salaries on a per season basis. So Rishabh Pant will get ₹27 crore per season from LSG for the next three years.
After three years LSG will have to decide if it wants to retain Pant or return him to the auction pool.
No, the players cannot lower their base price once it is set. Even if they go unsold in the first round, their base price remains unchanged for the next rounds of auctions. It is the players who fix their base price. Foreign players usually set their own base price in consultation with their agents. This is usually based on their form, past performance and what they perceive is their market value. Indian players too fix their own base price based on their current form, performance and perceived market value.
The BCCI only fixes the range of price, which this year was from Rs 30 lakh to Rs 2 crore.
Unsold players go out of IPL system. Whether they get any money from the BCCI will depend on the kind of contract they have entered into with the cricket board.
Unsold players from India usually go back to their States and play for their States in the domestic season (Ranji Trophy, Duleep Trophy, Syed Mushtaq Ali T20 trophy, etc) and earn money from their State cricket boards.
But all is not lost for the unsold players, they still have a chance to play in the IPL. Franchises that have not spent their entire ₹120 crore (the amount each franchise is allowed to spend) and still have some money left in their kitty can opt to sign some of the unsold players to bolster their teams.
CSK and KKR have the least amount of unspent money -- ₹5 lakh each. RCB has ₹75 lakh unspent, so it can still buy unsold players.
The bid price payout depends on the contractual terms between the player and the franchise. If a franchise signs a player for three years then the bid price is for three years.
Whether a player like Pant receives his ₹27 crore in yearly instalments or some other staggered basis depends on the contract signed between the player and the franchise.
The mode and frequency of payments also depends on how cash rich the franchise is and also on the sponsorship money it attracts.
If he pulls out before the IPL season begins, say due to an injury, then the franchise need not pay him any money.
But if he gets injured during the season and is available for only a limited number of matches, he would be paid based on the number of matches he played plus a retainer fee.
Also if a player gets injured during the IPL season, his franchise will have to cover his treatment and medical expenses
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