Reds had almost three years to build a roster. The game wasn't fully professional back then and many of the Sydney clubs were in financial trouble. The annual grant in 1995 was only $200k and the salary cap was $1.8m. Reds raided a few players from struggling Sydney clubs, such as Panthers, Dragons, Knights and Magpies. Panthers signed with Super League. Knights have always struggled for money. Magpies and Dragons were dying clubs.
The Reds were in financial strife by 1996 and needed News Ltd to bail them out. Brad McKay went back to NSW after 1995 to play with the Steelers. The only reason they got Julian O'Neil was because his off-field indescretions led to the Broncos tearing up his contract.
Reds were never able to sign a star like Stuart, Daley, Langer, Walters, Fitler, G Alexander, Lyons, Dymock, J Smith or Toovey. M Geyer was a hot head and spent large chunks of his career suspended. McKay left Perth for Wollongong after one season.
Cowboys didn't really recruit anyone of note. Their main signing was a born and raised North Queenslander who was at the end of his career and a Welsh rugby union player who only played a few games. Rugby union was still an amateur game in those days. The club didn't even use all of its salary cap.