The reality si that all 3 major state leagues were in the crapper. The WAFL and the SANFL needed the transfer fees to survive as they had really become a feed league to the VFL. And the VFL were poaching and paying players money that the league or the clubs did not have.
Footy was not in a good space anywhere financially.
This is true. Everyone was going broke.
The era of cheap money is over. It will be interesting to see how it all ends up during next financial crisis, which occurs approx every 20 years. Last one was 15 years ago….