Former Wales international Andrew Coombs has slammed the Welsh Rugby Union (WRU) for "letting down" players over the contract shambles.
As many as 70 players are out of contract this season with still no idea whether they have a job beyond June.
Wales internationals have threatened strike action for the Six Nations match against England next Saturday if the situation is not resolved by Wednesday.
The WRU said it is working to agree a funding deal with the four regions.
Talks over a new funding deal began in January 2022.
The Professional Rugby Board (PRB) shook hands on a new six-year financial agreement between the WRU, Dragons, Cardiff, Ospreys and Scarlets in December, but it has yet to be signed.
Without a firm agreement, the regions are unable to agree contracts with the players, many of whom could be unemployed in a matter of months.
The impasse has been branded "shambolic" by current and former players, and agents.
'Tactical delay'
Coombs, 38, a Six Nations winner in 2013, said: "The players have been let down by the people in charge - the WRU and PRB.
"They have had over a year but they haven't done their jobs correctly to get this deal over the line. Everyone is laughing at us and people within the union should leave their jobs because of this.
"The players should have [threatened strike action] back in the autumn. That was the time to say, 'if things aren't right by the end of the year, we're going to do something'.
"Hopefully the union will do the right thing act over the next few days but I honestly think this is tactical.
"They have let this rumble on for so long that there is no other place for the players to go. Other clubs outside Wales are full so have no room for four or five Welsh players.
\3So the players will have to just take what's on offer. That's not fair."
The former Dragons captain was forced to retire at the age of 31 following a serious knee injury.
And he believes the risk of serious injury will be in players' minds as the uncertainty continues.
"The players know the money has gone. They are ready to take a pay cut," said Coombs.
"But they are in a situation where clubs are asking them to give everything to the jersey while in the back of your mind, your family crossing everything that you're not injured.
"Nobody knows [for example] what will happen with Jack Dixon [injured in the defeat at Leinster]] If that's a nasty injury, then he's out for moths. But he hasn't got a contract, so what does he do?
"People will say he just needs to get a job somewhere else. But when I retired, I was in bed for nearly a year having operation after operation.
"I couldn't put on a pair of trousers for months let alone work. I don't want to see any other player go through that. I was in a very dark place."
As well as the delay, players are also unhappy that the contracts include fixed-variable elements accounting for 20% of salaries.
It has also emerged players could also see their contracts cancelled based on performances or moved to another region for injury purposes without having a say.
The situation has seen the Welsh Rugby Players Association (WRPA) and Wales squad players concede strike action is a possibility, although former captain Alun Wyn Jones admitted it was a last option.
'Shambolic'
Ex-Wales hooker Richard Hibbard says he would not sign the contracts currently on offer, having described the crisis in Welsh rugby as "shambolic".
"It is another dire situation created by the WRU and I wouldn't sign this contract on offer," Hibbard told BBC Radio Wales Breakfast.
"I was lucky to play high level but it's the boys who have one option within the region with this dead rubber contract that are affected most. Those are the voices you don't hear."
Hibbard admits this is not a new situation for Welsh rugby.
"It's incredibly disappointing because we have been here before and not learned," said the former Ospreys and Dragons forward.
"They should have had the funding model in place by the end of last season, if not last summer, so the regions and boys could plan.
"The whole thing is just another shambolic system error. It is about time the WRU, and all governing bodies, realised your product is not the stadium or hotel, it's the players.
"They are going to inspire the next generation. If you don't have good regions or premiership system, it's not going to work out.
"It's so short-sighted. This problem has been brewing for 10 years, not just overnight.
"It stems from the WRU underfunding the regions and having the wrong priorities."
Cardiff fly-half Rhys Priestland says the players are frustrated by the delay.
"Some of the players only have three to four months until they know exactly what's going to happen in terms of work," he told S4C's Clwb Rygbi programme.
"Everyone knows that money is going to come down, the players don't agree with a lot of stuff in the standard contracts and they think it's very unfair. The players need answers now."
'Worse situation for 20 years'
Former Wales lock Derwyn Jones has been a players' agent for 20 years.
"I've probably been through four or five resets in Welsh rugby, this is certainly the worst one, you are dealing with people that are under a lot of pressure," Jones told BBC Radio Wales.
"It's sad to hear so many players in the week come out and give their experiences and talk about the pressure they're under.
"Here we are in mid-February and not one contract has been done for players who are out of contract in July including certain players in Warren Gatland's squad ahead of the World Cup."