I found an article relating to the previous hushed up breaches from about 5 years ago.
It seems like one of the main points there was that Saracens (and presumably the other clubs involved) were signing a marquee player with a front loaded contract, then after 1 year giving that player a new contract as a squad player, then bringing in another marquee player with a front loaded contract.
The idea being you could sign an overseas player for £1.2m over 3 years.
Pay them £1m of that in the first year when they're a marquee so outside the cap.
Then give them a standard squad contract for £100k per year for 2 years
That's what brought the rule in that marquee contracts couldn't be front loaded.
As a one off, I'd almost be willing to accept it as clever accounting.
However, as Tony Rowe has said, Saracens were then told to toe the line, and they didn't.
Even if some quarters want it to die down, I bet Rowe won't let it lie