Wood was one of eight overseas players slotted into the highest bracket of the auction alongside players such as Australia's Glenn Maxwell, who was sold for $2.48 million to Royal Challengers Bangalore.

"First and foremost, it was my family," Wood told reporters.

"We can't see our families while we're with England ... I wanted to be able to switch off, go back home and recharge for the second reason - which, of course, is being ready for England.

"I try to prioritise that. I don't want my body to fail me, or be a bit bruised mentally or physically going into the end of the year which includes the (Twenty20) World Cup, Ashes and a big series against India.

"Obviously there have been some big names going for big money, it's great for them.

"I just didn't feel the time was right. Although it's life-changing money, I'm comfortable with my decision in the long run and I hope it serves me well."

Wood was rested for the first two Tests of the current series in India and is set to return for the third Test, a day-night game which begins in Ahmedabad on Wednesday.

England's rotation policy has been criticised by former players but Wood defended the board's policy to give players a break from life in bio-secure bubbles.

"I think the ECB have made a good decision and are looking after players," he said.

"From my point of view as a multi-format player, when would you get that break or that switch-off? Would you be able to keep performing at the level required if you're mentally tired or physically tired?

"We've got a massive squad and huge depth of talent, so it gives an opportunity for everyone."

Australian Associated Press