All-rounder Pollard will play for London Spirit after being sold for £125k - the highest possible price.
Fellow West Indian players Andre Russell and Dwayne Bravo were also drafted for the maximum amount as they joined Manchester Originals and Northern Superchargers, respectively.
England spinner Liam Dawson was also purchased for £125k for Spirit who also picked up Australian fast bowler Riley Meredith in an attempt to improve on last year's standings.
Dawson, part of the Southern Brave squad that won the inaugural Hundred title last season, said: "It's an honour but I was surprised to be one of the first picks in the draft for the Hundred this year."
Meanwhile, Welsh Fire strengthened their batting with the signing of Joe Clarke for £125k.
Australia spinner Adam Zampa and South Africa batter David Miller will also head to Cardiff as overseas signings alongside Pakistan seamer Naseem Shah. Somerset batter Tom Banton was also retained.
"To be second pick in the Hundred draft is really quite something," Clarke said. "I'm honoured that Welsh Fire have chosen me to join their side.
"We've got the makings of a great side and we want to be up the top of the table."
Alongside Russell, the Originals also signed English white-ball specialist Laurie Evans and Sri Lanka spinner Wanindu Hasaranga.
Pakistan fast bowler Wahab Riaz will be part of the overseas contingent at the Superchargers alongside Bravo.
Bravo said: "I'm really looking forward to joining the Northern Superchargers this summer. Last year's competition turned a lot of heads so Sir Champions is excited to play the format and see the music and crowds for myself. Bring it on."
Australia players dominated draft
The competition will feature four of the top five women's players in each of the IT20 batter, bowler and all-rounder rankings. In total 19 of the 22 players who featured in the ICC Women's World Cup Final are signed up to take part in The Hundred.
Australia's World Cup winners Meg Lanning, Rachael Haynes and Megan Schutt, Kiwi Amelia Kerr, South Africa's Mignon du Preez and West Indies' Deandra Dottin among the new overseas signings in the women's competition.
Elsewhere, West Indies all-rounder Deandra Dottin topped the women's pick for the Manchester Originals, going for £25k, having been at London Spirit previously.
England opener Tammy Beaumont made the switch from Spirit to Welsh Fire where she will be joined by Australian duo Rachael Haynes and Annabel Sutherland, the former having just finished as the second-highest run scorer at the World Cup.
Beaumont, the new Welsh Fire women's captain said, "I'm beyond excited to be leading Welsh Fire this summer. I loved my time with London Spirit but the opportunity to captain Welsh Fire was something I couldn't turn down.
"We are building a really talented squad, full of world class players and we can't wait to get out in front of our amazing fans in Cardiff and put on a show."
West Indies' Hayley Matthews completes the overseas contingent at Fire, with former England pair Fran Wilson and Alex Hartley also moving to Cardiff from Oval Invincibles and Manchester Originals respectively.
Jenny Gunn joined the Northern Superchargers, while the Originals signed Amy Satterthwaite to link up with the retained Sophie Ecclestone - the top-ranked limited-overs bowler in the women's world rankings - and South African Lizelle Lee.
The window for the women's sides to sign players remains open with teams having until June 30 to complete their squads.
Men's and women's sides will be able to select an additional overseas pick in the overseas Wildcard Draft, while the men's squads will be completed with the domestic Vitality Wildcard draft.
London Spirit signings
Men's: Kieron Pollard, Liam Dawson, Riley Meredith, Jordan Thompson, Daniel Bell Drummond and Chris Wood.
Women's: Beth Mooney, Amelia Kerr, Megan Schutt and Sophie Luff.
Welsh Fire signings
Men's: Joe Clarke, Tom Banton, Adam Zampa, David Miller, Naseem Shah, Sam Hain and Jacob Bethell.
Women's: Tammy Beaumont, Rachael Haynes, Annabel Sutherland, Fi Morris, Fran Wilson, Alex Hartley and Sarah Bryce.
Manchester Originals signings
Men's: Andre Russell, Laurie Evans, Wanindu Hasaranga, Daniel Worrall and Sean Abbott.
Women's: Deandra Dottin, Amy Satterthwaite, Ami Campbell, Phoebe Graham and Grace Potts.
Northern Superchargers signings
Men's: Dwayne Bravo, Wahab Riaz, Adam Hose, Roelof Van Der Merwe and Luke Wright.
Women's: Jenny Gunn and Lucy Higham.
Oval Invincibles signings
Men's: Sunil Narine, Rilee Rossouw, Danny Briggs, Hilton Cartwright, Matt Milnes and Jack Leaning.
Women's: Lauren Winfield-Hill, Aylish Cranstone, Emily Windsor, Eva Gray and Kira Chathili.
Trent Rockets signings
Men's: Tom Kohler-Cadmore, Colin Munro, Ian Cockbain and Luke Fletcher.
Women's: Meg Lanning, Mignon du Preez, Bryony Smith, Alana King, Marie Kelly, Sophie Munro, Alexa Stonehouse and Georgia Davis.
Birmingham Phoenix signings
Men's: Matthew Wade, Olly Stone, Kane Richardson, Matthew Fisher and Graeme Van Buuren.
Women's: Sophie Molineux and Sterre Kalis.
Southern Brave signings
Men's: Quinton de Kock, Rehan Ahmed, Joe Weatherley and Dan Moriarty.
Women's: Tahlia McGrath, Georgia Adams, Jo Gardner, Freya Kemp and Ella McCaughan.