I'm not sure if this would work for England, however I have advocated for this in Wales for years.
There are currently 4.5 academies in Wales, who mainly base around feeder clubs and preferred clubs.
Wales could easily transition this to 8 Welsh premiership academies, attached to 8 Welsh prem clubs. The academies dont cost too much, and the final year players can play prem rugby for development.
Each prem club can allocate 1 player to regional rugby before the draft, allowing for 2 players per region to become 'home contracts'
At 20, every eligible player can compete in a combine testing week, and a draft can occur 4 weeks later.
Each year approximately 40 players enter the draft (inc the 8 regional contracted players already allocated). Teams can swap draft picks, or even sell draft picks, including using current players in a swap.
I'm all for positive risk at this stage, because rugby as a global game is dying, numbers and finances in the UK are dropping across the board, and world rugby refuse to make changes for good, and the clubs refuse to do anything but money grub and wrestle for power.
It's interesting to see English club rugby get the ramifications for siding with the French club power grab of European rugby.