McCaughey took up the Ulster CEO position on an interim basis in March before agreeing to remain until the end of 2025 earlier this month.
He admits that it will take considered planning beginning now for the historic implementation of four contracted provinces to flourish in three years’ time.
“It’s difficult because it is uncharted waters, but we have to sit down and think about what the game should look like,” he explained.
“If we are going to have a contracted team in three years what will that look like and what do the players need in place and how will we get that in place and transition to a way that is phased,” McCaughey continued.
“We’re challenging ourselves to look at what it will take and how we will produce this.”
The former health trust chief executive hopes that the club’s current financial struggles will not impact on his desire to have a contracted women’s team at Ulster.
Ulster Rugby is facing a deficit of between £2.5m and £3m, but McCaughey insists that a plan is in place to deal with the province’s financial issues.
“It is going to be a challenge; we know rugby worldwide is facing financial challenges.
“Our finances from this season just past were well publicised last week, so it is a challenge, but we have to find a way as this is something that is a personal priority.”