I'm not sure about this and I should like to hear from somebody who actually understands the rules.
From the NRL web site:
Since 2018 clubs have been required to spend at least 95 per cent of their salary cap each year and that rule is in place to guarantee player payments.
"95 per cent of their salary cap" could mean 95% of what they contracted to spend rather than 95% of $9.4M. This is the only reading that makes any sense to me, although looking for sense from the NRL is a bit like looking for the philosopher's stone. If the clubs have to spend 95% of $9.4M, this forces some clubs to spend overs on second rate players, and completely negates what the cap is supposed to be there for.