Folau hadn't had a rugby league contract in two years and the NRL as still put a value on him when the Eels tried to register him at minimum wage.
This whole argument really is a moot point anyway ... Neither side will change their opinion.
The end result is that as long as their is a salary cap, the NRL will enforce a nominal value for players, when teams try to do the dirty and register players on their caps for significantly less than their true value ...
Ideally, what the NRL should do for transparency is release the formula they use to determine said value. Although for that to work they would probably need a register of players contract values. Not to mention that this would stop the NRL making it up as they go.