The league's highest-earning players face up to 50 per cent salary hits for the 2020-21 campaign as the sport grapples with the financial impact of the coronavirus crisis.

That prompted Hodgson, key Perth duo Bryce Cotton and Nick Kay, and Sydney pair Xavier Cooks and Casper Ware, to opt out of their existing deals as allowed under an extraordinary arrangement.

Hodgson is the first to recommit to the Australian league.

"It's great to have Hodgy back as a Bullet," team chief executive Peter McLennan said.

"He is one of the most talented big men in the league and is an important part of our roster make-up.

"We supported his decision to explore overseas options but always knew that if Matt was playing in the NBL this season that it would be in a Bullets singlet."

The signing follows the activation of a $150,000 hardship fun for NBL, WNBL and national team players established by the Australian Basketball Players' Association (ABPA).

Under the first phase of the scheme, players will be eligible for $3000 support packages as determined by an internal committee.

The 2020 NBL finals were cut short due to coronavirus safety concerns, while winter leagues in Australia and New Zealand have been cancelled or postponed.

"We believe this fund provides meaningful and practical support to our members who have been hit hard in this challenging time," ABPA CEO Jacob Holmes said.

"Players have been impacted by the shutdown of NBL1, NZ NBL and other domestic and international seasons, salary reductions, and the contractual situations of many players means they are limited in their ability to access government benefits."

Australian Associated Press