If you walked into Sandy Park a few years ago, the atmosphere felt invincible. It wasn't just the smell of pasties or the rhythmic beat of the drum; it was the tangible sense that the Exeter Chiefs rugby union setup had cracked the code of English rugby. They were the benchmark. From 2016 to 2021, they reached six consecutive Premiership finals. They won the historic "Double" in 2020, conquering both England and Europe in a single, grueling season. But sport is cruel. It moves fast. Today, the Chiefs find themselves in a radically different position, navigating a transitional phase that has tested the patience of even the most hardcore supporters.
The club is currently fighting a battle on two fronts: the scoreboard and the balance sheet.
It’s easy to forget that Exeter wasn’t always a powerhouse. They were the ultimate underdog story, a side that spent years grinding in the second tier before finally achieving promotion in 2010. Rob Baxter, the man who transitioned from captain to Director of Rugby, built a culture based on "no superstars." It worked. However, the rugby landscape shifted. Between the tightening of the Gallagher Premiership salary cap and the unfortunate demise of clubs like London Irish and Wasps, the recruitment market became a chaotic vacuum. Exeter chose a path of sustainability. They let high earners like Jack Nowell, Sam Simmonds, and Luke Cowan-Dickie move to France. They bet the house on the next generation.
The Reality of the Post-Golden Era Transition
Transition is a polite word for "growing pains." When you lose hundreds of international caps' worth of experience in a single summer, you don't just replace that with a few good academy kids and some clever scouting. You feel it in the 75th minute of a rainy Friday night away at Sale or Leicester.
The Exeter Chiefs rugby union philosophy has always been about ball retention. The famous "pick-and-go" game that used to suffocate teams for 20 phases is harder to execute when your pack is younger and physically lighter than the monsters being fielded by Saracens or Bath. Fans have seen glimpses of brilliance—Immanuel Feyi-Waboso is perhaps the most exciting talent to emerge in years—but the consistency isn't there yet.
There's a misconception that the club is "failing." Honestly? They’re just balancing the books. Tony Rowe, the club's outspoken chairman, has been incredibly transparent about the financial pressures facing the sport. While other clubs were propped up by billionaire owners willing to absorb massive losses, Exeter operated more like a business. They had to. This meant that when the pandemic hit and loans came due, the Chiefs had to make ruthless decisions about player contracts.
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Why the "Exeter Way" is Being Questioned
Is the tactical approach still relevant? That’s the question being whispered in the South West. For a decade, the Chiefs used a high-possession, low-risk style. They simply outworked people. But the modern game has become more about explosive transition play and "kicking to pressure."
- The Chiefs have struggled to adapt their defensive line speed.
- Dependence on young fly-halves means the tactical kicking game is still maturing.
- Set-piece dominance, once a given, is now a 50/50 toss-up in big games.
You’ve got to admire the loyalty, though. Baxter hasn't panicked. He hasn't gone out and signed three aging Springboks to fix a short-term hole. He’s doubling down on the likes of Greg Fisilau and Ethan Roots. It’s a gamble. If it pays off, Exeter will have a squad that can stay together for seven years. If it doesn't, they risk becoming a mid-table side that occasionally scares the big boys but never actually threatens the silverware.
Financial Sustainability in a Volatile League
Rugby in England is in a weird spot. We’ve seen historic brands vanish overnight. Against that backdrop, the Exeter Chiefs rugby union model looks like a stroke of genius. They own their stadium. They have a successful hotel on-site. They aren't just a rugby club; they are a regional entertainment hub.
This financial independence is their greatest weapon. While fans scream for big-name signings, the board is looking at the 10-year forecast. They’ve seen what happens when you spend money you don't have. The "Chiefs" brand itself underwent a massive shift recently, moving away from the Native American imagery to a Celtic-themed identity linked to the Iron Age Dumnonii tribe. Some fans hated it. Others saw it as a necessary evolution to keep sponsors happy and stay "on-side" with modern cultural expectations. Whatever your take, it showed a club willing to make hard choices to protect its future.
It's about the long game.
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Scouting and the "Hidden" Talent Pool
How does a club in a remote corner of Devon keep producing internationals? It’s not an accident. The partnership with Exeter University is arguably the best in the world. They’ve essentially created a secondary academy where players can get a degree while playing high-level rugby.
Think about Christ Tshiunza or Dafydd Jenkins. These aren't just "lucky finds." They are the result of a scouting network that looks at physical attributes and "character fit" over highlight reels. The Chiefs look for players who are willing to do the "unseen work"—the hitting of rucks, the chasing of lost causes, and the discipline to stick to a script for 80 minutes.
But here is the kicker: the rest of the league caught up.
Clubs like Northampton Saints and Bristol Bears have improved their own pathways. The competitive advantage Exeter held for years has narrowed. Now, they have to find a new edge. Is it sports science? Is it a return to a more expansive attacking style? We’re seeing more offloads than we used to, a sign that Baxter knows he can't just rely on the old "grind" anymore.
What Most People Get Wrong About Sandy Park
There’s this myth that Sandy Park is an impenetrable fortress because of the wind or the travel time for away teams. That’s part of it, sure. But the real secret is the pitch. The hybrid grass surface at Exeter is lightning fast. It’s designed for a high-tempo game.
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When the Chiefs are "on," they use that surface to tire out larger opponents. They play a game of attrition. They want you to be breathing through your ears by the 60th minute. The problem lately has been that the Chiefs are the ones looking tired in the final quarter. Injuries have played a role, but there’s also the mental fatigue of a young squad learning how to close out tight games.
Key Performance Indicators to Watch
- Red Zone Efficiency: Last season, Exeter's ability to turn 22m entries into points dropped by nearly 15%. They need that clinical edge back.
- Turnover Rate: They are conceding too many penalties at the breakdown, often a symptom of being slightly behind the pace of the game.
- Lineout Steals: This used to be a specialty. With new personnel in the engine room, the poaching numbers have fluctuated wildly.
Rugby is a game of inches, but it's also a game of confidence. You can see the shoulders drop when a young prop gives away a scrum penalty. You can also see the stadium ignite when a break from deep results in a try. The margin between a top-four finish and eighth place in the Premiership is razor-thin right now.
The Future of the Chiefs
The Exeter Chiefs rugby union story isn't over; it's just starting a new chapter. It’s a bit like a band that released a massive debut album and is now struggling with that "difficult" second record. They have the talent. They have the infrastructure. What they lack—for now—is the scar tissue that only comes from losing big games and coming back stronger.
Don't bet against Rob Baxter. He’s a stoic character who doesn't read the papers and doesn't care about Twitter threads. He believes in his process. If the youngsters like Henry Slade (the "elder statesman" now) can guide the new crop through this winter, the Chiefs will be a terrifying prospect in eighteen months.
Actionable Steps for Fans and Analysts
To truly understand where this club is headed, you have to look past the final score. If you're following the Chiefs this season, pay attention to these specific areas:
- Watch the replacement bench: The "finishers" are where Exeter used to win games. Look for whether the intensity stays the same or drops when the starters come off.
- Track the minutes of U23 players: The more game time these academy graduates get now, the higher the ceiling for the club in 2026 and 2027.
- Monitor the home-away split: If Exeter can't win on the road, they won't make the playoffs. They need to prove their "system" travels.
- Study the scrum data: The foundation of Exeter's success was always a dominant set-piece. Until the scrum is feared again, teams will continue to play expansively against them.
The road back to the top of the Premiership is steep. It’s paved with bigger budgets and faster teams. But Exeter has been the underdog before, and frankly, they seem to prefer it that way. The "rebuild" is real, it’s painful, and it’s necessary for the long-term survival of the club in a sport that is currently eating its own.
Keep an eye on the injury return dates for key forwards. The return of seasoned campaigners to the matchday 23 usually acts as the catalyst for a mid-season surge. If the Chiefs can stay within six points of the top four by March, the final run-in at Sandy Park could be legendary.