The clubs can do whatever they want.
Fanciful is the thought that players who at best have 12 years of professional rugby ahead of them, will pass up the opportunity to play at NRC level which will easily secure them an overseas contract. I.e. They will put their loyalty to their club before their career.
If that was the case, Dave Beat wouldn't be complaining about the Rebels stealing his Marlin's players, because they'd all still be on the insular peninsular playing for the Marlins.
But players need to think of their careers. So they aren't.
Players from Sydney will ultimately have the decision made thats best for the Sydney clubs.
I don't think it's fanciful at all for the Sydney Rugby Union to run it's own representative structure that could garner enough interest for a network to broadcast it.
Rams, Stars, Rays & Country could all play each other or something along similar lines.
You forget that with these new levies the ARU is pretty much charging each player for the insurance structure. A few years back the Sydney Junior clubs were in war mode and the competition was set to split and clubs had enough funds to believe they could insure the players at the club with enough re arranging. Take into account the ARU has already insured every player playing this season.
You are dreaming if you think this can't happen all it takes is for the clubs to not invest in the Rays and Rams anymore and Country is theoretically broke anyway with zero financial support from the ARU.