McGrath accepted a nomination for the position that will become vacant when long-serving president Geoff Larkham retires at the annual general meeting in two weeks.

Current board member John Gillespie and two-Test Wallaby Bob Brown are the other candidates, with all three to present their cases and stand for the position.

It comes a year after chairman Sean Hammond was unexpectedly ousted at the AGM and with the club appearing to be on stable ground with its off-field operations after securing a six-year major sponsor deal worth more than $8 million.

The Brumbies are set to announce a record loss at the meeting, with the club expected to take a financial hit of more than $1.5 million.

Nominations for the president's role closed on Tuesday night, while Gillespie and Carmel McGregor are standing for re-election to the board and three other nominees are competing to be directors.

McGrath last served on the Brumbies board in 2005 before he joined the ARU, where he held the chairman's seat from 2007-12. He was the ACTRU chairman from 1999-2005.

Any director shake up could affect the balance of power in the boardroom as the Brumbies attempt to move into the future and put the trouble of the past behind them.

There were rumours of division on the board last year before new chairman Robert Kennedy called for unity. Chief executive Michael Jones jumped on board to give stability and a vision for the future.

That included a monster deal with Aquis, which has secured the Brumbies' financial viability after the club depleted most of the funds from the sale of its Griffith headquarters.

The Brumbies are in the midst of a review of their board and community rugby operations as the club streamlines a new framework to implement greater collaboration between the professional and amateur ranks.

The move would see a change to the lower grade competitions in Canberra to enhance pathways, and likely combine the ACT rugby and ACT junior rugby programs.

The Brumbies have also put a submission to the ARU that will see the Canberra Vikings removed from the National Rugby Championship and replaced by a new representative team from the capital.

There was angst in the Canberra club ranks when the Vikings were announced as the major partner for the inaugural NRC season, with the team's name and colours dividing players and officials.

A new team would still involve some collaboration from the University of Canberra, but the name would likely be decided via a voting process.

It is also hoped that ANU would jump on board to engage with Canberra's wider university community.

"The University of Canberra were great and we want to partner with them again, and Tuggeranong was fantastic so we want to continue to play games at Viking Park," Brumbies boss Jones said.

"We want all the clubs represented in the new team so it doesn't favour any body. We're debating the name of the team whether we run it as a contest or whatever. The Kookaburras is definitely in the mix in a back to the future type thing.

"But it could also be a name that represents the whole region."

The Brumbies reinvented the ACT Griffins representative side this year and haven't ruled out reverting to the Canberra Kookaburras as the new NRC team.

The move came as the Brumbies launched a new Super Rugby jersey on Tuesday, which shifts away from the white, blue and gold colours used in the past to instead move to three shades of blue and gold.

But the returning to the Kookaburras and Canberra's traditional rugby colours of blue, gold and white is on the cards for the NRC revamp.

The Brumbies, Vikings Group and University of Canberra joined forces to ensure the capital was included in the first NRC campaign last year.

That agreement is winding up with officials working behind the scenes to create a new identity.