I have heard this also.
What I heard was, no Premier League no Jim Beam Cup. That becomes the State Cup (probably sponsored by Jim Beam).
The under 20's play before the NRL matches and *some over 20* will be allowed.
The Sharks would apparently hook up with Newtown in a feeder type relationship, for any other contracted players.
The thing that struck me straight away, was a huge expense (a PL team) is to be lifted of the NRL clubs and shared with a feeder club.
I think this is designed to help with the financial pressure the pokie tax will create.
But that is all just speculation.