My understanding is they have been forced to reconsider making a couple of high-points signings. Unlike Brunswick in the subbies they are not prepared to jettison an existing player to make way for another.
A three point deduction is quite significant and is almost 10 per cent of the cap itself especially after a period of stability in the points where clubs are comfortable with the cap. While you might have guys dropping points for loyalty, it's hard for clubs who have a couple of low pointers leave due to retirement or move out of the area etc. Anyone you replace is going to be more Clubs without strong junior programs will suffer.
A 1 point reduction would have been appropriate and some indication the plan would be to continue to bring down in the future to say 35 in 5 years. A lot of the problem is there is no indication of a plan for the cap, a few years ago the cap was lower and then they decided to increase it out of the blue. Standard policy on the run from the VTCA to suit a couple of the major clubs with people represented in the VTCA management.