Because I cannot see how they are spending within it.
Ponga on 1.25mill a year. Frizell just signed on 600k+. Klemmer is not on small coin. Neither is Glasby. And Pearce would not be cheap. Just those 5 would eat up a fair bit of their cap.
Then you consider Guerra wouldn’t have been a bargain and I can’t imagine they got Brailey or Connor Watson for peanuts. They upgraded Fitzgibbon last year too.
Funnily enough the ‘working class’ Knights have become like Man City, wealthy overnight and recruiting like mad since their new owners Newcastle Wests took over.
I’m actually happy for them (for the most part) and happy to have my theory disproved. But they really don’t seem to have to fight to retain players over money.