The motivation of this review paper is to present a detailed summary of different collision models developed in the framework of the direct simulation Monte Carlo (DSMC) method. The emphasis is put on a newly developed collision model, i.e., the Simplified Bernoulli trial (SBT), which permits efficient low-memory simulation of rarefied gas flows. The paper starts with a brief review of the governing equations of the rarefied gas dynamics including Boltzmann and Kac master equations and reiterates that the linear Kac equation reduces to a non-linear Boltzmann equation under the assumption of molecular chaos. An introduction to the DSMC method is provided, and principles of collision algorithms in the DSMC are discussed. A distinction is made between those collision models that are based on classical kinetic theory (time counter, no time counter (NTC), and nearest neighbor (NN)) and the other class that could be derived mathematically from the Kac master equation (pseudo-Poisson process, ballot box, majorant frequency, null collision, Bernoulli trials scheme and its variants). To provide a deeper insight, the derivation of both collision models, either from the principles of the kinetic theory or the Kac master equation, is provided with sufficient details. Some discussions on the importance of subcells in the DSMC collision procedure are also provided and different types of subcells are presented. The paper then focuses on the simplified version of the Bernoulli trials algorithm (SBT) and presents a detailed summary of validation of the SBT family collision schemes (SBT on transient adaptive subcells: SBT-TAS, and intelligent SBT: ISBT) in a broad spectrum of rarefied gas-flow test cases, ranging from low speed, internal micro and nano flows to external hypersonic flow, emphasizing first the accuracy of these new collision models and second, demonstrating that the SBT family scheme, if compared to other conventional and recent collision models, requires smaller number of particles per cell to obtain sufficiently accurate solutions.