McCaughey took over as Ulster CEO on an interim basis in March before agreeing earlier this month to stay until the end of 2025.
He acknowledges that careful planning from now is needed to successfully implement the historic four-province agreement within three years.
“It’s difficult because it’s uncharted territory, but we have to sit down and think about what the game should look like,” he explained.
“If you were to have a contract team in three years, what would it look like? What would the players need to be? How do you position that and transition into that phase?” McCaughey continued.
“We are thinking about what we need and how we can create it.”
The former health trust chief executive is hoping the club’s current financial difficulties will not affect his desire to have a women’s contract team in Ulster.
Ulster Rugby is facing a deficit of between £2.5m and £3m, but McCaughey insists plans are already in place to tackle the province’s financial woes.
“It will be a challenge. I know rugby around the world is struggling financially.
“It’s a challenge because last season’s finances were widely known last week, but it’s a personal priority so we have to find a way.”
