The new 100 balls per side tournament had to be postponed to 2021 amid COVID-19 pandemic.
The new 100-ball per side tournament, due to be played in both men's and women's versions from July 17 to August 15, had to be postponed to 2021 because of the COVID-19 pandemic.
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In the men's competition, the players' draft had taken place in October last year, where cricketers were slotted across the eight different city-based franchise teams.
But with the deadly outbreak leading to indefinite suspension of the game, the ECB found it fit to terminate all those contracts and restart the drafting process at a later date.
"We can confirm that a letter terminating current player contracts has been issued today to all involved," the BBC quoted an ECB media statement.
"This letter is necessary paperwork to legally update and inform players of the situation, which follows a notification last week around the launch of the new competition being moved to 2021."
"We are working closely with PCA on a number of options for players regarding next year’s launch."
ECB chief Tom Harrison had earlier expressed pain over the unfortunate development regarding 'The Hundred'.
"The situation we find ourselves in as a country means that delivery of The Hundred will not be possible this summer," he said in a statement. "Whilst we are naturally disappointed that we won't get to realise our ambitions this year, The Hundred will go ahead in 2021 when we are safely able to deliver everything we intended to help grow the game."
"As we emerge from the fallout of COVID-19, there will be an even greater need for The Hundred. Our survival as a game, long-term, will be dependent on our ability to recover financially and continue our ambition to build on cricket's growing fan base. That need has not gone anyway, if anything, it is now more critical."
The new format, ECB's brainchild, is aimed at generating interest for sport amid newer audiences and further aid the game's economical strength in England.
"The Hundred will create millions in revenues for the game, through hosting fees, hospitality and ticket sales, as well as delivering £25m in annual financial distributions to all First Class Counties and MCC," said Harrison. "Its role in driving participation alongside supporting the development of the women’s game will be material in generating take-up of our game across country-wide communities."
"The Hundred is an important element of the game's Inspiring Generations strategy, which has been debated and agreed upon across the whole game. While financially, our plans may be impacted, our ambition, ‘to inspire a generation’ should in no way be diluted."
"We would like to thank our broadcast partners, for their extraordinary commitment and support to get The Hundred to this point and our commercial partners for their ongoing support. We very much look forward to working with them as we build to the 2021 launch."
(Inputs from BBC)