North Queensland Cowboys coach Todd Payten has heaped praise on what he believes was Valentine Holmes' best performance of the 2024 NRL season.

Holmes, who has struggled for form, particularly in defence, at times throughout this year, signed with the St George Illawarra Dragons for the next three seasons during the week after gaining a release from the remainder of his Cowboys' contract.

The move will see Holmes link back up with Shane Flanagan, who coached him at the Cronulla Sharks last decade, and Holmes seemed to have had a weight lifted off his shoulders in the 42-4 win.

Kicking seven goals, Holmes scored three tries, made 176 metres and was a threat all night, but Payten said it was his defence that impressed him the most.

"I thought he [Holmes] was great. There has been a bit going on in the background the last couple of weeks in the media," Payten said during the post-match press conference.

"What I liked about Val's game tonight was the way he tackled and the way he defended. There is no question about what he can bring us with the ball in his hands, but his overall game tonight was the best it has been all season so hats off to him."

It comes after journalist Michael Carayannis told SEN Radio during the week that Holmes had stood to earn more than a million dollars at the club next year, and that, not form, was the main cause for the Cowboys to release the Queensland Maroons' State of Origin star.

“The Cowboys elected to move him on because his contract next year is $1.15 million,” Carayannis said on SEN 1170 Breakfast.

“That's a huge salary and would make him one of the highest-paid players in the competition.

“Val hasn't been at his best so far this year so the Dragons will pay around $800,000-$850,000 for Holmes which is still significant.

“The Cowboys will also tip in a little bit. They will tip in around $300,000 next year.

“Don't forget that the Cowboys have also chipped in this year for Luciano Leilua to play for the Dragons.”

It means the Cowboys have plenty of cash to splash elsewhere, with Payten and his recruitment staff understood to be chasing Reagan Campbell-Gillard, who has been permitted to leave the Parramatta Eels at the end of the season if he can land another deal.