Salary cap analysis: Panthers and Broncos starting line-ups are worth $5m more than they are paid

They are the incredibly strategic salary cap moves that are set to pay off big time for either Penrith or Brisbane. See the amazing value they’re getting out of their rosters.

The Panthers and Broncos have managed their salary caps exceptionally well.

They’re the five million reasons why powerhouses Penrith and Brisbane are the last two teams standing in the fight for the NRL premiership.

An analysis of the grand final rosters reveals both teams’ line-ups are worth more than $5 million more than what they’re being paid under the NRL salary cap, which is designed to create a level playing field.

Strategic salary cap management and prioritising their junior pathways is behind the stunning result, which has the Panthers on the cusp of a historic three-peat and the Broncos close to breaking their 17-year title drought.

Although all 17 teams operate under a $12.1 million salary cap for their top-30 squads, Penrith’s starting 13 alone would be worth $10 million on the open market, while the Broncos’ starters would be valued at just over $9 million.

Panthers fullback Dylan Edwards ($450,000), centre Izack Tago ($250,000) and Broncos trio Reece Walsh ($450,000), Ezra Mam ($320,000) and Pat Carrigan ($480,000) would all be worth twice their actual wage if they went on the open market tomorrow.

The Panthers and Broncos have managed their salary caps exceptionally well.

But success comes at a price with Stephen Crichton, Spencer Leniu, Herbie Farnworth and Tom Flegler playing their final games for their respective teams as rivals lure them away for 2024 with richer offers.The Panthers have become accustomed to it, having already lost Matt Burton, Apisai Koroisau, Kurt Capewell, Viliame Kikau from their past two premiership-winning campaigns.

Penrith have managed to re-sign their priority players by locking down Edwards and representative back-rowers Liam Martin and Isaah Yeo this season. Five-eighth Jarome Luai, who comes off contract at the end of next season, remains the final piece of the puzzle. There’s no doubt the 26-year-old will earn more if he decides to leave Penrith.

Asked whether he had any advice for Luai, Martin — who signed a contract extension in July — said: “We are completely different. He has a family of three to look after so I can’t speak on behalf of him.

“Whatever his decision is, I am sure all of us will have his back and understand. Whatever he decides he has our support 100 per cent.”

Martin never contemplated leaving, given the loyalty he feels to the Panthers and his desire to stay and play at a competitive club that challenges for premierships.

“It is certainly a factor but Penrith gave me the opportunity nearly 10 years ago now,” he said.

“It is my new home and I couldn’t really picture myself leaving. When the opportunity came to re-sign I never really had it in the back of my mind to go somewhere else.”

The Broncos will be tested in coming years when the likes of superstar fullback Walsh and dynamic five-eighth Mam require contract upgrades and rival clubs circle as the salary cap squeeze takes effect.

For now, Brisbane’s premiership window is wide open courtesy of the crafty deals that has enabled such a balanced roster.

One of Penrith’s bargain buys this year has been Jack Cogger. It is a formula they have used in recent seasons where they recruit experienced halves — who may have not played a lot of first grade but have played plenty of lower grades — to act as an understudy to Nathan Cleary and Luai.

Last season it was Sean O’Sullivan. Next year it is Brad Schneider.

Cogger’s stint at Penrith is only 12 months after signing a long-term deal to return to the Knights next season.

“It was a tough couple of weeks,” Cogger said. “Someone reminded me that this will be my last week and I thought ‘oh yeah’. My last game, the last time I’ll wear the colours.

“Even though I’ve only been here 12 months, this club means a lot to me.”