Iyer had a memorable 2024 despite being removed from the Board of Control for Cricket in India (BCCI) central contract due to an alleged lack of commitment towards red-ball cricket. One of the biggest highlights of 2024 for Iyer was being picked by PBKS for ₹26.75 crores. This briefly made him the most expensive player in the cash-rich league's history, before Lucknow Super Giants (LSG) decided to free up ₹27 crores from their purse to get the services of superstar wicketkeeper-batter Rishabh Pant.