In a shock end to rugby league's biggest off-season saga, the Storm and Eels reached an out-of-court settlement on Tuesday morning that gives Parramatta the power to determine whether Lomax can return to the NRL before the 2028 season.
The Eels remain open to striking a deal that would permit the NSW State of Origin winger to play with an NRL rival in 2026 and 2027, but only if they receive adequate compensation.
That could involve the Eels receiving a similarly elite player, who would need to consent to being traded for Lomax, or significant salary cap relief from a rival club.
The Storm will be required to pay $250,000 of Parramatta's legal costs over their failed bid to lure Lomax, who agreed not to join an NRL rival without the Eels' permission when the club released him to join R360 in November.
When the launch of the renegade rugby competition was postponed, Lomax began advances to join the Storm, triggering the Eels' legal action in the NSW Supreme Court.
"I think we've demonstrated through this process we're not going to be steamrolled," Eels chief executive Jim Sarantinos said.
Melbourne will also pay their legal bills and those of Lomax, who did not appear in court on Tuesday as the NRL clubs told Justice Francois Kunc they would not require a full-scale court hearing.
Both teams consider the matter finalised, but Storm chairman Matt Tripp said his club was "disappointed for Zac and for the game of rugby league".
"We hope to see Zac return to the NRL in the coming years and haven't ruled out the prospect of Zac playing for the Melbourne Storm in the future," he said.
Lomax will at least be permitted to return to the NRL without the Eels' consent for the 2028 season, a year earlier than initially agreed when he left Parramatta one season into a four-year deal.
The Eels were blindsided in late December to learn of Lomax's contract talks with the Storm but spent weeks working with the club on a deal that could have permitted the 26-year-old to join Melbourne.
The Storm refused to swap Lomax for one of their own high-profile players in Jack Howarth, Stefano Utoikamanu or Xavier Coates, while the Eels knocked back financial incentives from the Storm, including a $750,000 transfer fee.
Mr Sarantinos stressed the Eels held no personal grudge against Lomax, but they would not willingly strengthen a rival club without recompense.
"This was never about Zac personally, Zac's a good young man," he said.
"We don't have any concerns about Zac playing in the NRL, we obviously want him to be able to move on with his life. But this is about ... standing up for what's right for our club."
Eels head coach Jason Ryles and general manager of football Mark O'Neill will be the key men deciding whether a proposed trade represents fair value for Parramatta.
The Eels and Storm face each other on Thursday in a spicy post-script to the saga.
"It's a bit of rugby league poetry, isn't it?" Mr Sarantinos said, saying a win in Melbourne would be "a nice way to wrap this whole thing up".
Outside of the NRL, a switch to rugby union remains an option for Lomax.
While in limbo, he turned down offers to join Australia's Super Rugby competition, where he would have earned significantly less than his $700,000 Eels salary.
An overseas rugby union move could prove more lucrative, though Lomax has not played the 15-man code since childhood.
