The Canterbury Bulldogs have reportedly emerged as the favourites in the race for Ryan Papenhuyzen's signature from the start of 2026.
The Bulldogs, who have Connor Tracey and Blake Taaffe on their books as potential fullbacks currently, have made no secret of their desire to continue to sign elite players to the club.
Despite a long list of signings over the last 24 months, with coach Cameron Ciraldo and director of football Phil Gould virtually flipping the entire roster over, it has been reported the Bulldogs still have plenty of salary cap space left to attack the 2026 open market.
All players off-contract at the end of 2025 have been able to negotiate with rival clubs since November 1, with Papenhuyzen being among that group.
News Corp are now reporting though that the Storm's chance of keeping the star fullback is shrinking, with the Bulldogs becoming the front-runners for his services.
The Storm, who have made an offer to retain Papenhuyzen beyond the end of 2025, are facing issues on two fronts.
The first of the issues for Melbourne is financial. The club's offer for Papenhuyzen is believed to be approximately $200,000 less per year than what he is currently earning.
That is partially as a result of Melbourne's top heavy roster which includes big contracts all in the range of a million dollars per season for Jahrome Hughes, Cameron Munster and Harry Grant, but also is down to the fact Papenhuyzen has spent more time injured in the last two years than he hasn't.
The other issue for the Storm is that Papenhuyzen is currently being shadowed in the number one jumper by Sua Fa'alogo who has reportedly been promised permission to explore his options elsewhere should Melbourne re-sign their current fullback.
Fa'alogo is one of the brightest young talents in the game, and has excelled in his NRL opportunities to date.
It's understood the Bulldogs are the only club who have currently tabled an offer to Papenhuyzen.
The Cronulla Sharks were also believed to be interested in Papenhuyzen, but will not proceed with an offer. They have William Kennedy on their books, but also have salary cap problems of their own with big deals for Nicho Hynes and the arriving Addin Fonua-Blake, as well as a host of upgraded contracts likely in the near future, having already re-signed Briton Nikora and Braydon Trindall in recent weeks.
