Nathan Cleary could become the highest-paid player in NRL history as the PNG Chiefs prepare a four-year, $6 million offer for the Penrith superstar.
The proposed contract would pay Cleary $1.5 million per season from 2028, but its tax-free status and potential third-party agreements could make it considerably more valuable than the headline figure suggests.
PNG cannot formally approach Cleary until November 1, when he enters the final year of his Panthers contract.
No offer has therefore been lodged or accepted.
However, the size of the package reportedly being prepared represents the greatest threat yet to Penrith retaining the most important player in its premiership dynasty.
Chiefs Prepare Record Cleary Contract
According to CODE Sports reporting carried by Fox Sports, the Chiefs are considering a four-year agreement worth $1.5 million annually.
That would reportedly become the richest deal in NRL history when measured by guaranteed salary per season.
Cleary is already believed to earn approximately $1.3 million annually at Penrith, meaning the basic salary increase alone would be significant without completely destroying the Panthers’ hopes of matching it.
The decisive advantage comes from Papua New Guinea’s reported tax concessions.
Cleary could potentially retain considerably more of his $6 million contract than he would under an equivalent agreement in Australia.
Reports estimate the tax treatment alone could leave him approximately $2.5 million to $2.7 million better off across four years than he would be at Penrith.
Additional tax-free third-party agreements and endorsement opportunities could reportedly add millions more to the overall package.
Those projections depend upon the final structure of the deal and should not be treated as guaranteed earnings. However, they illustrate why comparing only the salary-cap figures would be misleading.
Panthers Cannot Truly Match the Offer
Penrith may be capable of offering Cleary a similar headline salary, particularly if the NRL salary cap rises to approximately $15 million.
The club has also created additional flexibility by allowing Brian To’o to join the Chiefs from 2028, removing his reported $600,000-to-$650,000 annual salary from its future cap.
However, matching $1.5 million under the Australian tax system would not give Cleary the same take-home income.
Penrith would have to commit substantially more salary-cap space to bridge that difference, potentially weakening the roster around him.
The Panthers are simultaneously attempting to retain Isaah Yeo and Liam Martin, while continuing to reward the next generation of players emerging through their development system.
Keeping Cleary at any price would therefore create consequences elsewhere.
Penrith’s dynasty was built on elite development and players accepting contracts that allowed the club to maintain a powerful squad.
An enormous Cleary extension could force the Panthers to abandon the balance that made them successful.
Cleary Cannot Be Approached Until November
The biggest qualification surrounding the reported package is that it remains a plan rather than a formal offer.
Cleary is contracted to Penrith through the 2027 season. Rival clubs cannot formally negotiate with him for 2028 until November 1, 2026.
The Chiefs can prepare their proposal, arrange their salary cap and identify additional commercial opportunities, but they cannot presently complete the deal.
That gives Penrith an important window to secure an extension before its halfback reaches the open market.
Former Panthers chief executive Brian Fletcher remains confident Cleary will never leave.
“I feel confident Nathan will be a one-team player for the rest of his life,” Fletcher said.
“That’s my gut feel.
“Why would you go anywhere else when you can play with a team like that and be successful?
“There is that much young talent still there and it’s coming through. You’re guaranteed success, probably for the rest of your career.”
That confidence is understandable, but the circumstances surrounding Cleary have changed.
Penrith Dynasty Is Already Breaking Apart
Cleary has won four premierships with Penrith and established himself as the competition’s leading halfback.
The Panthers’ sustained success means he has already achieved almost everything available at club level.
By 2028, however, the team around him will look substantially different.
Ivan Cleary has announced he will step down as head coach when his contract expires at the end of 2027, with Peter Wallace expected to succeed him.
To’o has already committed to the Chiefs, where he will reunite with former Panthers five-eighth Jarome Luai.
James Fisher-Harris, Stephen Crichton, Viliame Kikau, Api Koroisau and Luai are among the established players who have previously left Penrith during its premiership era.
The possible departure of Nathan Cleary would not simply represent another salary-cap casualty. It would provide a definitive ending to the club’s greatest period.
PNG Is Building a Team Around Panthers Champions
The Chiefs’ pursuit is more credible because Cleary would not be entering an empty expansion roster.
PNG has already secured Luai and To’o, two players with whom the halfback shares premiership-winning combinations and close personal relationships.
The Chiefs have also reportedly attracted stars including Joey Manu, Alex Johnston and Zac Lomax as they prepare to enter the competition in 2028.
That recruitment strategy gives Cleary the opportunity to become the central figure in a competitive new franchise rather than spending his final prime years leading a prolonged rebuild.
His signature would immediately give PNG legitimacy.
Cleary would become the face of the team, its primary playmaker and potentially the most influential signing by an expansion club in rugby league history.
The commercial value would also extend beyond PNG. His involvement would dramatically increase the franchise’s national profile, broadcast interest, sponsorship opportunities and credibility with other recruitment targets.
That makes the reported $1.5 million salary easier to justify.
Warriors and Bears Could Also Enter Race
PNG is not the only potential destination if Cleary reaches November without extending his Panthers contract.
The New Zealand Warriors and Perth Bears have also been linked with the champion halfback.
Both clubs could offer significant money and the opportunity to become the defining player in a major expansion or premiership project.
The Warriors could appeal through their established supporter base and competitive roster, while Perth will need an elite organising half capable of shaping its identity.
Neither possesses PNG’s reported tax advantage.
Sam Walker is also expected to become available for rival approaches and remains on the Chiefs’ list of potential halves, alongside emerging playmaker Zane Harrison.
PNG’s choice could reshape the entire NRL playmaker market.
If Cleary recommits to Penrith, the Chiefs may redirect their spending towards Walker. If Cleary accepts the historic offer, Penrith could become one of the clubs forced to search for a new marquee halfback.
Cleary Must Choose Between Legacy and a New Challenge
Remaining at Penrith would allow Cleary to become one of rugby league’s greatest one-club players.
He could eventually break club records, lead a new generation and finish his career as the undisputed face of the Panthers.
Moving to PNG would offer something completely different.
Cleary could become the foundation player for the NRL’s newest team, reunite with Luai and To’o and earn substantially more through tax concessions and commercial agreements.
The financial difference may be impossible for Penrith to overcome.
Yet money alone will not decide this negotiation. Cleary is already financially secure and has spent his entire career surrounded by family, familiar teammates and one of the NRL’s best development systems.
PNG has not signed him and cannot make its approach official until November.
But the reported $6 million package ensures Penrith can no longer assume its greatest player will remain simply because he always has.
For the first time, leaving may offer Cleary more money, a familiar premiership core and a legacy that Penrith cannot replicate.
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