KEVIN Walters could emerge as the big winner from a stunning NRL coaching circus which has been dumped in the space of a few hours.

Walters announced a shock decision to step down as Brisbane’s assistant on Wednesday, just four rounds in to the NRL season.

Then the Courier Mail revealed a bombshell ultimatum delivered to Paul Green by North Queensland as his contract negotiations escalate.

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Round 20

The Courier Mail reports the Cowboys have tabled a three-year deal to coach Green and told him to accept the offer or walk away.

His current deal ends this year and if he refuses the new offer, the 2015 premiership winner will be off contract and officially on the market.

Green has been linked to the Brisbane Broncos, where supercoach Wayne Bennett is contracted until the end of 2019.

The exit of Walters has suddenly made the Broncos’ succession plan intriguing, given Walters is seen by many as a head coach in waiting.

BIG QUESTIONS: What Kevvy’s exit means for Broncos, Bennett

Kevin Walters and Paul Green together at the Broncos on 2000. Source: News Corp Australia

And now without a job in the NRL, Walters could find himself the number one target of North Queensland, if Green leaves the club.

“Kevvy Walters, the way I see it, he’s a head coach in waiting. He’s ready now,” Fox Sports’ chief NRL reporter James Hooper told NRL 360.

“It’s not a matter of if, it’s a matter of when.

“So if Paul Green did decide he doesn’t like the ultimatum from (Cowboys chairman) Laurence Lancini then it could be Kevvy Walters, it could be John Cartwright who has previously been there.”

The NRL 360 panel agreed the stunning ultimatum from North Queensland could push their title winning coach out the door.

“It’s a big call, it’s a ballsy call,” Hooper said.

Nathan Ryan and Ben Glover are joined by Cronulla coach Shane Flanagan to chat about the club’s new recruits and plans for the future.

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Paul Kent revealed Green is asking for clauses in his contract that will guarantee him a percentage of club earnings, including gate takings and advertising revenue.

But the offer tabled to him is believed to be worth close to $3 million over three years.

Kent also revealed Green has been approached about possibly replacing Bennett as coach of the Broncos.

“He’s been approached, he’s definitely been approached about going to the Broncos in 2020,” Kent said.

“There’s definitely been a conversation — ‘are you interested?’.

But the Cowboys’ latest offer means Green will have to accept it and forgo the opportunity at Brisbane, or knock it back and possibly spend a year in limbo before taking the reins from Bennett.

In terms of the Cowboys, Walters won’t be the only option for replacing Green as coach of the club.

One man sticks out above the rest, in terms of his coaching credentials.

“Craig Bellamy is off contract at the moment, he coaches his 400th game this weekend over in New Zealand for Melbourne ... if I’m Laurence Lancini and I’m giving an ultimatum to Paul Green, and I can have a crack at any other coach in the game, Craig Bellamy is top of the list,” Hooper said.