Jye Gray knocks back R360 to remain a Rabbitoh

Rabbitohs fullback Jye Gray has knocked back the riches on offer in breakaway competition Rugby 360 to remain with South Sydney.

Gray had been offered a deal worth $US600,000 (A$920,000) per annum to switch codes, a huge pay bump given he was on just under $200,000 for this year at the Rabbitohs. The R360 deal was all the more appealing given that some or all of the money could be declared tax-free depending on where committed players reside.

A complicating factor for potential league defectors is that any player or agent who enters into talks with R360 faces a 10-year ban.

Having weighed up the NRL’s stance, and the offer of a contract extension, sources speaking anonymously due to confidentially have said Gray has decided to remain a Rabbitoh. The new deal - an upgrade and extension that will extend his stay until the end of 2029 - hasn’t yet been officially signed, but that is expected to happen shortly. He is expected to earn about $700,000 by the final year of the new contract.

Gray has been an unexpected star for the Rabbitohs, making 19 NRL appearances this season after notching 13 in 2024. The 21-year-old has filled in capably at fullback when Latrell Mitchell has been injured and could take on the role full-time in 2026.

At one point early in the year, he was the Dally M medal leader, and he was rewarded with selection in the Prime Minister’s XIII side that defeated Papua New Guinea.

Gray has a history in the 15-man code. He made his mark in rugby during three years at The Southport School, a prestigious GPS school on the Gold Coast, with the school’s former coach, Mike Wallace, rating the utility back among the best players he had overseen. At one stage, the Queensland Reds had also expressed interest, but he will focus on his league career.

Gray’s decision is a blow to R360, although their chief focus has been on signing up established rugby union talent rather than NRL players. However, there is still a chance they could nab several marquee rugby league players.

Ryan Papenhuyzen has increased speculation of a move to R360 after earning a release from the final year of his Melbourne contract. The star fullback told the Storm he wanted to year off to consider his playing future, just weeks after his agent admitted he had held discussions with R360 officials.

Warriors veteran Roger Tuivasa-Sheck is expected to become one of R360’s first rugby league signings.

There has been scant public information provided by Rugby 360 bosses, with most details about the competition’s starting date, and proposed schedule, teams and locations, coming via media reporting of R360’s correspondence with player agents.

Having gathered enough player interest for funding to be unlocked in September, R360 bosses have been urging players and agents to sign and return long-form contracts by November 1, according to informed sources who spoke on the condition of anonymity.

Organisers have told agents they hope to announce 5-10 major signings next month to launch the competition, the sources said.

The prospect of being excluded from Test selection has scared off many rugby targets but a handful of Wallabies – past and present – are still contemplating big-money offers.