Rugby Players Ireland is to examine the review process carried out by the IRFU in the wake of both Paddy Jackson and Stuart Olding having their contracts revoked.
The IRFU and Ulster based their decision on their responsibility and commitment to the core values of the game - respect, inclusivity and integrity - and subsequently ended their dealings with Jackson who was acquitted of rape charges and sexual assault following a nine-week trial at Belfast Crown Court last month.
A fellow Ulster team-mate, Craig Gilroy, has been suspended by the province till April 26 for a message he sent to the pair.
Senior officials from the Irish Rugby Football Union are expected to complete their review early next week.
The incident has sparked protests outside the club grounds, and several club sponsors have expressed concern following the case.
According to the Sunday Independent, a financial settlement was reached with Jackson and Olding by IRFU officials and the players will be financially compensated before potentially resuming their rugby careers outside of Ireland; both players have been linked with moves overseas since their contracts were revoked on Saturday.
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A protest about the recent court case took place outside Ulster Rugby's home ground of Ravenhill on Friday as the team prepared for a PRO14 encounter with Ospreys.
The picket was organised by the Belfast Feminist Network.
Bank of Ireland has sponsored Ulster Rugby for 20 years and its logo is on the back of the first team shirt.
Over 100 supporters also helped pay for an advertisement in a local newspaper urging for them to be removed.
The IRFU and Ulster Rugby reached a "compromise agreement" that will see the pair walk away from the club with a payment "close to contract value", according to the Sunday Independent. "We expect an answer to this letter".
"Since I was a young boy it was my ambition to play for Ulster and Ireland and I am extremely proud, privileged and honoured to have done so". I'd also like to thank Ulster and Irish rugby for the opportunities that they provided for me and I wish them, and all my former teammates, every success.