While the IPL was a resounding success, it can at best be described as mildly innovative. Like others have described, the framework is a tested formula that has succeeded in other forms of the game. IPL must however be commended for pulling off a 44 day tournament at relatively short notice.
What the author fails to address about the IPL is the level of risk that each of these owners took was so low, that it is laughable.Keep in mind, that only the IPL had access to all the best players. So, there was no competition with other leagues. It is a monopolistic league which muscles its success with the threat of bans. Not a whole lot t admire, in my opinion.
If someone would only start a Kabaddi league with all the cheer leading squads, and compete with the WWF, now thats innovation!