It has been a year of humbling and bumbling for the Reds after a grand final win in 2011, followed by two seasons of finals football. This time, the Waratahs have a home semi in the can, while the Reds will be free to book tee times after just five victories to date.

There will be a player exodus as the Reds make room for James O'Connor and potentially Karmichael Hunt, who would add significant firepower to a backline that already features young prospects Chris F'Sautia (injured) and newcomer Samu Kerevi.

But the prospect of a brighter 2015 can't paper over the cracks of a season that sunk deeper in Perth when the Reds had all the momentum but couldn't get over the top of the Force, who keep their finals hopes in tact going into the final round.

Sub-par defence and an alarming lack of execution in attack have been the hallmarks of Queensland's campaign, a stark contrast to the glittering rugby that was played by many members of the same squad just a few seasons ago.

Regardless of the result against the resurgent Waratahs, Graham said there would be no pulling punches when the curtain came down, saying everyone would face a forensic assessment of their role in the side, from the coaching staff down.

"I think part of the review is to make sure you're better going forward. You can be honest, move forward and look to get things right, or you can go the other way and continue to drift. That process will be honest and thorough," Graham said.

"I think any time you sit down and review, that's the way it needs to be. I'm open to that. There's a process that we'll go through and that will deliver the outcome that we need."

With more than 30,000 paying members and consistently strong crowds, the 2014 season for the Reds needs to be an exception, not the rule. The franchise has hauled itself up from financial ruin and can't risk returning there with poor returns on the field.

The recruitment of O'Connor remains a calculated risk but chief executive Jim Carmichael clearly believes it's worth rolling the dice. It's likely to help retain crowds but the flow-on effect within the squad remains to be seen.

Graham has found himself in front of the cameras and unable to confirm or deny the signing, which appears to be one of rugby's worst-kept secrets, but remained adamant the recruitment process was sound and strategic.

"At this point in time, I think we've been very clear on the strategy. We've been pretty clear in releasing players and that's taken place over the past month, six weeks. In terms of guys coming in, there's been speculation but until then that's all it is," Graham said.

The Waratahs will start short-priced favourites to dispatch the Reds in their semi-final warm-up but captain James Horwill said his men would be motivated to give something back to loyal fans and send off the departing players, a number of whom were 2011 grand finalists, in good style.