I think that the Titans is an option which is well worth considering, but i think that there needs to be some major changes. First, I don't see a team spread across the three states as getting the corporate changes to pay the players bill. And there would be major difficulties getting a competitive team for some time. I assume the side would be based in Sydney to help with the player situation.
Think out aloud, i would make some suggestions:
1. Why limit the side to the emerging states. Gold Coast, Central Coast and Wellington all want NRL teams (while other country areas who could never support a team eg Coffs Harbour, PNG, Toowoomba etc) deserve a game every now and then. I would include all expansive areas, with the NRL putting a big emphasis on these games. Team Colours could change according to the local area they are playing in to try to build different identities in each area.
2. the Titans team is a difficult one. Clearly the side could not spend $million like any other NRL team. I would make the side open to any registered players not contracted to NRL clubs. I would envisage that the team would change largely depending on the area it is playing in. For example if playing in Wellington, it would be mostly Bartercard Cup Players wanting a chance to represent, if playing in Perth, several Perth locals would be used. The advantage of this is that the team saves massively on player wages bills (probably at least 3 million dollars) and also on travel bills for their players.
3. Finally, i would not necessarilly admit the titans as a club into the NRL since it is likely that they would be on the end of massive hidings. I would simply make them the bye. i.e. I prefer that a club must earn their 2 points from the bye by beating them. That way, club records wont be artificially enhanced by the thrashings they get. But that is not necessary although it would ensure that clubs play their best sides which would be good for promotions.
The advantage of this type of idea is that it builds the game in non traditional areas, but it solves a lot of the short term problems with the large player wages and travel bills. In fact, in contrast, it is highly likely that the games would be reasonably profitable. for each of the hosting areas since expenses would be so low for the new team.