The Eels' first priority remains becoming compliant to play for points this season, but are sweating on the NRL to label Watmough's knee problems as a career-ending injury, which would see him exempt from the salary cap and wipe close to $450,000 from the $570,000 they need to shed by next Friday's game against the South Sydney Rabbitohs.

However, if the request is knocked back, the Eels are weighing up whether to bite the bullet and sacrifice their 2016 campaign in order to keep the bulk of their squad together in the hope of competing for a title next season.

The release of key players could allow them to compete for points this year, however the departure of those players will all but guarantee the Eels fail to win 12 of 15 games most likely required to make the top eight.

Speculation has been rife about the immediate future of Corey Norman, Kieran Foran and Semi Radradra, however the Eels are determined to ensure they don't jeopardise their long-term future in the hope of a miracle this year, placing emphasis on retaining the star trio.

Ian Schubert, the man who refused to allow Israel Folau to become an Eel, is now tasked with the responsibility of ensuring the club becomes salary cap compliant in time to play for points next Friday.

For 18 years, Schubert was the judge and jury presiding over all player contract registrations as the NRL's salary cap auditor.

His reign came to an end in 2013, but not before making a controversial ruling that effectively gifted Folau to the 15-man game. After a failed stint in the AFL in 2012, Folau came onto the open market at late notice.

The Eels, hoping the former Maroons and Kangaroos star could provide a timely boost after earning the wooden spoon, offered him what money they had left in their salary cap for the following season as part of a back-ended deal.

Schubert refused to register it, claiming the first year of his contract had to properly reflect his market value. This despite the fact

Schubert allowed Brisbane to register Darren Lockyer, touted as a future Immortal, on a contract worth just $250,000 on the cap during his final  season.

As the Eels went back and forth with Schubert in an attempt to placate him, a disillusioned Folau turned his back on rugby league and hasn't returned.

While many at Parramatta won't forgive Schubert for the ruling, he has subsequently  joined the club to, ironically, sort our their salary cap mess.

Schubert has been poring over the books for more than six months, but he is now in charge of affairs after chairman Steve Sharp, CEO John Boulous, head of football Daniel Anderson, deputy chairman Tom Issa and director Peter Serrao were served with breach notices.

"The Parramatta Eels are working as a priority to ensure the club is salary cap compliant in time for next week's Round 10 game against the South Sydney Rabbitohs," the club said in a statement.

"The process is being led by former NRL salary cap auditor and club consultant, Ian Schubert, in accordance with NRL requirements.

"The club recognises that being salary cap compliant and able to accrue competition points is essential for the playing group, members and supporters, and the game of rugby league. The club is also working closely with the NRL..."

Rival clubs have been circling the Eels in the hope of bolstering their roster should they hold a fire sale in their quest for cap compliance.

The Roosters, the team with the most money still left in their coffers, made contact on Wednesday to see if any players were set to be jettisoned. However, Parramatta officials are hopeful they won't have to shed key players if the NRL will play ball on the pending retirement of Watmough.

The Eels, still $570,000 over the limit, hope the new career-ending injury insurance provision will cover the amount if head office backdates the payout to the start of this year.

The Eels, the NRL, insurers and Watmough's management have been working through the process, but a formal submission hasn't been lodged at head office as yet.

A ruling on the matter is crucial as all teams are now seven months into their annual pay cycles, meaning there is little money to be spent – or saved – in transfers at this time of year. Clubs inquired about the availability of a host of players on Wednesday, including Junior Paulo and Radradra.

Given both players are crucial to Parramatta's chances and are on relatively modest salaries this season, it's not in the club's interests to entertain a release at this time.