Wallabies players will share in a prize pool worth almost $5 million if they pull off an against-the-odds win at the World Cup in England in October.

In a deal agreed last week between the Australian Rugby Union and the Rugby Union Players' Association, the 31 players who will wear the gold jersey at the World Cup will have access to a total match payment pool of $4.71 million, or $151,935 each, if they go all the way and become the first nation in the 28-year history of the World Cup to hold aloft the Webb Ellis trophy for a third time.

The total figure falls well short of the $5.7 million on offer in 2007 and is also lower than the $4.9 million agreed ahead of the 2011 World Cup – neither of which were paid out after the Wallabies crashed out of both tournaments in the quarters and semis, respectively.

This year, the Rugby Union Players' Association has negotiated a $100,000 tournament win bonus for each member of the 31-man squad and a $10,000 per game match payment for every player in the match-day 23. If precedent prevails, those payments will be pooled and distributed across the squad at the end of the tournament. That means the players' bonus haul could range from a near-disastrous $29,677 per person – if Australia does not make it past the pool stage – and a maximum of $151,935 per person if they smash the odds and win the tournament at Twickenham on October 31.

But it is very much all or nothing for Michael Cheika's Wallabies this time around. In a significant departure from previous campaigns, the Wallabies will not claim a bonus for a semi-final win. In 2011 a $25,000 per player reward was on offer in the semis and $85,000 in the final. In France in 2007 it was $42,000 in the semi-finals and $85,000 for the final. Of course, the ARU has not had to pay out a knock-out stages bonus since 2003, the last time the Wallabies made a World Cup final.

It is understood the players' association was prepared to forego a semi-final bonus in recognition of the fact that only a World Cup win would deliver the code an immediate financial uplift in Australia. The decision also mirrors fans' expectations, reinforced in the ARU's recent strategic survey, that success in the eyes of supporters means nothing short of victory at a World Cup.

"It's very pleasing that RUPA and the ARU have been able to resolve this matter so far in advance of the Rugby World Cup, in order for everyone's focus to now be on the field," RUPA boss Ross Xenos said.

"We believe we've ended up with a model that provides good incentive for the players, given the financial uplift that Australian rugby should benefit from if the Wallabies win the World Cup."

The bonus system began in 1999, when the Wallabies received an extra $30,000 per player for winning their second Webb Ellis trophy. In 2003 the issue almost caused a player strike and saw the ARU and RUPA battle it out in the Supreme Court before a $100,000 per player win bonus was settled upon. The players settled for $20,000 each after falling to England in extra time, as well as $12,500 per Test.