My take, for what it’s worth, as has been suggested numerous time on this forum; a points based rating system of players, a points cap on the 30 players with unlimited budget. Pay people what you want, what you can afford.
Sure some clubs will go nuts on the money and bankrupt themselves, no problem let them.
Just make it a condition of their NRL licence that, “If you go broke, too bad, so sad“ but you lose your licence and rights to the club’s logo, etc., i.e. you disappear forever and no coming back.
That should provide an incentive for proper fiscal management and a continuation of the club.
It would only take 1 club to be permanently shown the door and the rest should get the message, PDQ.