Saracens are facing the prospect of losing big-name players or cutting their salaries in order to comply with salary cap rules this season, according to chief executive Edward Griffiths.
The Premiership champions were docked 35 points and fined more than £5m in November for breaching the regulations.
Griffiths admits the club's "brand" has been damaged and is desperate to prove they are operating within the salary cap this season.
He told the Rugbypass website: "Clearly there is damage to the brand. We are only obliged to show compliance with the salary cap at the end of the year but we recognise there are special circumstances and that is why we want to demonstrate compliance as soon as possible.
"I am currently examining what the scope of any issue is and there are two ways of dealing with it.
"You either reduce your headcount by letting people go or alternatively you reduce the salaries of those already there.
"This will clearly cause instability and uncertainty within the squad and it is in everyone's interest that this is sorted as soon as possible while also being mindful that we are dealing with people's lives, livelihoods and reputations.
"I would hope to have answers sooner rather than later. I told the squad last week the primary challenge is to provide certainty, confidence and clarity as soon as possible but there is no magic wand.
"It cannot be done in hours and I hope it would be done in a matter of weeks. Of course this is a difficult time but we need to follow this process carefully and sensitively."
Saracens are currently bottom of the Gallagher Premiership on minus seven points.