The Chiefs have undertaken a strategic review that could end with the franchise opting to build Waikato as a super-province, leaving Bay of Plenty and Counties Manukau as bit-part players.
The franchise has kick-started a review to explore ways to maximise commercial opportunities and deliver on-field success. One option being given serious thought is to follow the Crusaders model, which created one powerful provincial team to underpin the franchise.
If the Chiefs adopt that model, it will essentially see Waikato contract the bulk of the region's leading players, effectively leaving franchise partners Counties Manukau and Bay of Plenty as feeder unions.
Waikato and Chiefs chief executive Gary Dawson said: "We are going through a strategic planning exercise at the moment for the next four years. We want to examine how we can be a more profitable franchise. There are three or four options we are looking at and until we have made a decision, it would be inappropriate for me to comment."
Driving the strategic review is the need to close the economic gap between the Chiefs and the big three franchises - the Blues, Hurricanes and Crusaders.
The big three enjoy average crowds in excess of 20,000 and usually closer to 30,000. That support generates significant income and also drives improved sponsorship deals.
The Chiefs average crowds of about 15,000 and so struggle to generate the same kind of profits to plough back into Waikato and other franchise partners.
Hamilton's comparatively small population is always likely to prevent the Chiefs from matching the crowds seen in Auckland, Wellington and Christchurch. The Chiefs are also recognised as having a slick marketing operation that does well to keep crowd figures as high as they are.
There is, therefore, sense in building the strength of Waikato to drive bigger crowds throughout the national championship. If the majority of the Chiefs side was selected from Waikato, there would be an opportunity to retain the support built during the national championship.
But, while following the Crusaders model has merit, it would almost certainly leave Counties Manukau and Bay of Plenty incensed.
The Bay, who have beaten Waikato for the past three seasons, provided nine of the Chiefs squad in 2005 and seven in 2006.
Counties Manukau have made it a stated aim to be providing the majority of the Chiefs squad by 2010.
Being able to offer players Super 14 rugby is vital if the Bay and Counties Manukau are to attract and retain talent. If both are perceived as feeder unions, the best players are likely to head elsewhere.
The issue of player retention is already a sensitive one within the franchise. Bay of Plenty lock Bernie Upton is off contract at the end of the year and has been made an offer by Wellington.
The deal appeals because Upton is keen to spend all year in one place, rather than splitting his time between the Bay of Plenty and Hamilton, as he currently does.
But the Chiefs would be loathe to lose a player of his quality and it is believed Waikato would be prepared to make him an offer to keep him in the franchise.
Dawson said: "Bernie has got to decide where he wants to play. He's the sort of player we want to keep in the franchise. He's been outstanding but we have not entered into any talks with Bernie from a franchise point of view."
Counties Manukau centre Niva Ta'auso is also off contract at the end of the year and a similar scenario may arise where Waikato use their financial clout to see off predators that would take Ta'auso out of the region.
If the review opts to go down the Crusaders route, it is likely that a significant number of Steelers and Steamers players will end up in Waikato colours.
But until a decision is made, Counties Manukau chief executive Nick Shepherd remains upbeat about the review.
"I think it is healthy and timely and hopefully it will give the franchise very clear direction," he said.
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