Talks in Dublin broke up yesterday with partial agreement on demands made by top English and French clubs, namely establishing two 20-team European club tournaments from 2014-15 and equitable funding for Aviva Premiership, French Top 14 and RaboDirect PRO12 participants.
The two-day summit, brokered by independent mediators Graeme Mew and Stephen Drymer, was attended by chief executives from all six major European unions, plus European Rugby Cup chief executive Derek McGrath and chairman Jean-Pierre Lux, among others.
Mew and Drymer subsequently issued an upbeat statement confirming the support by consensus for a continuing existence of two European tournaments, each made up of 20 teams, and a possibility of a third-tier event.
Crucially, though, Premiership Rugby, Ligue Nationale de Rugby and the four Welsh regions, who this week pledged "full support" to the Rugby Champions Cup, which would replace the existing Heineken Cup, were not represented.
"We've nailed our colours very firmly to the strategic path we are going down in terms of what we can build, which is the Rugby Champions Cup," said McCafferty. "The Welsh have come on board during the course of this week, and we are into implementation mode.
"We have always said that there is no way we are going into any competitions that are run by ERC after the end of this season. That hasn't changed. We feel a fresh start has got to be made.
"We already have indications in the marketplace that are very encouraging. It is a competition format that will be strong, fair to everyone and more financially lucrative to everyone."
Responding to yesterday's developments in Dublin, McCafferty added: "It seems that the proposals we have made on competition formats and on financial distribution have been accepted. Hopefully, it is a sign that in due course the whole approach we've been proposing is bought into. I guess time will tell. It is far from complete, but the pieces they have commented on are in line with what we've proposed."
Details of the Rugby Champions Cup look set to be rolled out next month. "Probably within the course of November, I would very much hope we can lay out exactly how things are going to work," McCafferty said.
As far as Premiership Rugby (PRL) and Ligue Nationale de Rugby (LNR) are concerned, they will have no involvement in ERC-run competitions from next summer when a two-year notice period they are currently serving is completed.
Governance and operational issues - primarily who would broadcast a new tournament - look set to dominate the next proposed meeting on November 1.