Ulster Rugby enjoyed a much-improved 2025/26 season, although their campaign ultimately ended in disappointment. Richie Murphy’s side climbed as high as second in the United Rugby Championship and reached the European Challenge Cup final. However, the season ended in disappointment following four losses in their final six URC matches before suffering a heavy defeat to Montpellier in Bilbao.
The province also faces a different financial challenge to rivals Leinster and Munster. Ulster do not have any centrally contracted Ireland players. That means they do not benefit from the IRFU subsidising part of their wages. That makes the money invested in their leading players particularly significant, with the province also targeting financial stability after reporting a deficit of more than €3m in 2024. With several Ireland internationals and a marquee South African signing on the books, who are the highest-paid Ulster Rugby players in the current squad?
9. Tom O’Toole
Estimated salary: €200,000-250,000 per year
Tom O’Toole has developed into one of Ulster’s most dependable front-row forwards and has become an important part of both the provincial and Ireland setups. The tighthead prop is believed to earn between €200,000 and €250,000 per season, placing him among Ulster’s highest-paid players. His value has increased as he has established himself as a regular option at international level.
O’Toole combines strong scrummaging with an impressive work rate around the pitch. Props are increasingly expected to contribute beyond the set piece, and the Ulster forward is capable of carrying, making tackles, and maintaining his involvement throughout matches. His versatility and reliability have made him an important part of Murphy’s squad.
His continued development has also been important for Ireland, where competition for places in the front row remains fierce. O’Toole may not receive the same attention as some of Ulster’s more established stars, but his ability to perform at both provincial and international level makes his reported salary understandable.
8. Nathan Doak
Estimated salary: €200,000-250,000 per year
Nathan Doak has emerged as one of the most promising young scrum-halves in Irish rugby. The Ulster academy product is reportedly earning between €200,000 and €250,000 annually and has already accumulated valuable experience at international level. His performances have made him an increasingly important figure in the province’s backline.
Doak’s biggest strength is his attacking ability. He plays with considerable tempo, moves the ball quickly from the base of the ruck and possesses an excellent kicking game. He is also a dangerous goal-kicker, giving Ulster another reliable source of points. His ability to threaten around the fringes adds another dimension to his game.
At a relatively young age, Doak still has considerable room for improvement. He has already competed with experienced scrum-halves for both club and country, but his development has continued to accelerate. With Ulster rebuilding under Richie Murphy, Doak could become one of the province’s central figures over the coming years. His reported salary reflects the expectation surrounding his potential.
7. Robert Baloucoune
Estimated salary: €200,000-250,000 per year
Robert Baloucoune is one of the most naturally gifted attacking players in the Ulster squad. The Ireland international is believed to earn between €200,000 and €250,000 per season and has established himself as one of the province’s most dangerous threats in the back three.
Baloucoune’s outstanding pace is his defining quality. Once he finds space, few defenders can match his acceleration. His finishing ability makes him a constant threat close to the try line. He can also contribute strongly in broken-field situations, where his speed allows him to turn half-chances into genuine scoring opportunities.
Injuries and competition for places have interrupted his international career, but Baloucoune remains a hugely valuable player for Ulster. His experience with Ireland demonstrates his raw potential, while his ability to produce explosive moments gives Murphy an attacking weapon that few teams can comfortably contain.
At his best, Baloucoune can change a match in seconds. His reported salary places him alongside the highest-paid Ulster Rugby players and reflects his importance to the province’s attacking ambitions.
6. Nick Timoney
Estimated salary: €200,000-250,000 per year
Nick Timoney has become one of the most consistent back-row forwards in Irish rugby and is an important part of Ulster’s leadership group. The Ireland international is estimated to earn between €200,000 and €250,000 annually, making him one of the province’s highest-paid forwards outside its top stars.
Timoney’s game is built around a relentless work rate. He is constantly involved at the breakdown, carries effectively into contact and produces a huge defensive workload. His ability to maintain that intensity throughout the duration of a rugby match makes him particularly valuable in matches where Ulster need to win the physical battle.
His international experience has further strengthened his reputation. With no centrally contracted players at Ulster, retaining players such as Timoney is particularly important; otherwise he could represent a rival. That makes his contract a significant investment in an established Ireland international.
Timoney may not have the profile of some of the biggest names in Irish rugby, but his consistency and reliability make him one of Ulster’s most valuable players. He provides the kind of hard-working foundation every successful team needs.
5. Tom Stewart
Estimated salary: €200,000-250,000 per year
Tom Stewart has developed into one of the most exciting young hookers in Irish rugby. The Ulster forward is believed to earn between €200,000 and €250,000 per season and has increasingly established himself as a serious international option. His rise has been particularly impressive given the competition for the hooker’s position in Ireland.
Stewart offers an excellent combination of set-piece reliability and athleticism. His throwing remains an important part of his game, but he contributes much more around the pitch. He is an effective ball carrier, works hard defensively, and possesses the mobility required from modern front-row forwards.
His performances for Ulster have helped him earn international recognition, increasing his value to the province. At a time when Irish rugby has significant depth at hooker, Stewart’s continued development is a major positive for Ulster.
The 25-year-old still has plenty of room to improve, meaning his current salary could look increasingly modest if he establishes himself as Ireland’s long-term first-choice hooker. For now, he represents another important investment in Ulster’s domestic talent and international ambitions.
4. Stuart McCloskey
Estimated salary: €250,000-300,000 per year
Stuart McCloskey is one of the most experienced and established players in the Ulster squad. The veteran centre is believed to earn between €250,000 and €300,000 per season after recently committing his future to the province until 2028. His importance to Ulster has been matched by a breakthrough period with Ireland.
McCloskey has built his reputation around physicality. At 6ft 4in and around 110kg, he is capable of breaking tackles, winning collisions and creating space for the players around him. However, his game is about more than brute force. His passing and ability to attract defenders make him an important link between Ulster’s forwards and backs.
His recent form earned him significant recognition at international level, including a place on the shortlist for Six Nations Player of the Championship. That represents a major achievement for a player who spent much of his international career on the fringes of Ireland’s squad.
McCloskey remains one of Ulster’s most important leaders and one of the best Irish rugby players in the world right now. His new contract reflects his continued importance to the province as they attempt to build a more competitive squad.
3. Jacob Stockdale
Estimated salary: €300,000 per year
Jacob Stockdale has been one of the most recognisable players in Ulster Rugby for almost a decade. The Ireland winger is believed to earn close to €300,000 annually after signing a two-year extension with the province in late 2024. His contract reflects the enormous impact he made after bursting onto the international scene.
Stockdale enjoyed a sensational start to his Ireland career, scoring 16 tries in his first 21 caps. His pace, finishing ability and attacking instincts immediately marked him out as one of the most dangerous young wingers in world rugby. He was also a key figure in Ulster’s backline, regularly producing spectacular tries.
The 30-year-old has since endured injuries and inconsistent form, which saw him fall out of favour with Ireland for a period. However, his return to the international setup for the Six Nations demonstrated that he remains capable of performing at the highest level.
Stockdale’s experience and attacking quality make him one of Ulster’s highest-paid players. If he can maintain his fitness and rediscover his best form consistently, he remains capable of being one of the province’s biggest attacking weapons.
2. Iain Henderson
Estimated salary: €400,000 per year
Iain Henderson is Ulster’s captain and one of the most experienced players in Irish rugby. The 86-cap Ireland lock is estimated to earn up to €400,000 per season after signing a two-year extension with the province in late 2024. His longevity and leadership make him one of the most important figures in the squad.
Henderson has been operating at the highest level for more than a decade. He has won five Six Nations titles with Ireland and has established himself as one of the country’s most dependable second-row forwards. His combination of physicality, lineout ability and work rate has made him a hugely valuable player for both club and country.
His leadership is arguably even more important to Ulster. As captain, Henderson provides experience to a squad containing a mixture of established internationals and emerging young players. His ability to guide the team through difficult moments has become an important part of his role.
Henderson is entering the latter stages of his career, but his experience remains extremely valuable. For a province without any centrally contracted players, retaining an established Ireland captain represents a major investment in leadership and quality.
1. Juarno Augustus
Estimated salary: €450,000 per year
Juarno Augustus is Ulster’s marquee signing and is believed to be their highest-paid player, with an estimated salary of up to €450,000 per season. The South African number eight joined from Northampton Saints on a three-year deal, making him one of the most significant investments Ulster have made in recent years.
Augustus brings a powerful physical presence to the Ulster back row. He is an aggressive ball carrier who can make valuable metres through contact and give his team a reliable source of go-forward possession. His athleticism also allows him to contribute around the breakdown and in defence, making him more than simply a ball-carrying specialist.
His arrival was designed to strengthen an Ulster pack that has sometimes struggled to impose itself against the strongest teams in the URC and Europe. The province’s decision to make him their marquee signing underlines how highly they rate his ability and potential impact.
At 28, Augustus should be entering the prime years of his career. His three-year contract gives Ulster a significant investment to build around, and if he can consistently reproduce the form that made him such a highly regarded player at Northampton, his reported salary could prove to be money well spent.
