This would mean absolutely nothing if they are willing to work out a release. All contracts are able to be massaged. Especially when he already showed a willingness to leave Parramatta. Imagine he shows back up to the Eels kicks rocks and agitates. 9/10 times the players get out of their deal. The athlete is more powerful than the organisation in sport now.
Sure, there's always an avenue there, but given they made it part of the terms of his release I can't see it being a particularly workable option for him/another NRL team from a financial perspective. I'm not certain on the terms, but if it's a straight non-compete, than the Eels will likely just say no until someone throws enough money at them. If it's a right of first refusal at the previous deal value they'd probably take him and hold out for a release fee from another team if it didn't work, given his 650k per year was realistically under market value because of his previous early departure from the Dragons.
How that would work with the salary cap in the NRL is another question too - if the Bears were to pay the Eels for his release, is that amount considered part of his contract value for cap purposes? Maybe in the final year (2028) of that period it becomes more achievable, but he still needs to earn in the meantime, and he'll likely be inline for a bigger deal in rugby at that point, assuming he takes well to it.