Wallabies coach Joe Schmidt has likened the proposed rebel rugby competition R360 to cricket's IPL, but he has his doubts about whether it will flourish.

Under ambitious plans, the breakaway rugby competition will feature teams based out of London, Miami, Tokyo, Dubai, Boston, Cape Town, Lisbon and Madrid, with a start date slated for October 2026.

Each round of the competition will be staged in a different city, similar to the Rugby Sevens circuit.

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Contract offers of up to $1.4m a season will be on offer, with players to enter a draft to determine where they end up.

Several current Wallabies players as well as NRL stars have reportedly already been targeted.

Rugby Australia is preparing to blacklist Test players who choose t

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