I was surprised to see this come up on TV and did some research and found out that the Caribbean Premier League (abbreviated to CPL or CPLT20) is an annual Twenty20 cricket tournament held in the Caribbean by the West Indies Cricket Board. It was created in 2013 and replaced the Caribbean Twenty20 as the premier Twenty20 competition in the Caribbean. It is currently sponsored by Limacol and thus officially titled the Limacol CPL.
The tournament is played between six teams and is divided into a group stage and a knockout stage. In the group stage, the teams each play ten matches overall, three of which are at home. This unusual format occurs because all six teams are co-located at a single playing site for five sequential matches of the tourney, then the whole tournament moves to a new location for five more games (and so on). Six stadiums are used, each a home field for one of the teams. The playoff stage includes two semi-finals and a final to determine the winner of the tournament. All three of the elimination playoff games will be played at Queen's Park Oval.
The tournament includes six franchises with 15 contracted players each, including a maximum of four international players and four players under the age of 23. Each team has one local and one international franchise player.
The tournament is currently being broadcast on Sony Six (HD and SD), though the timings are pretty awkward considering the fact that its happening in the other half of the world. For teams, fixtures, results and more information, check out their official website.