Champion, a cousin of Inglis, agreed to terms with Melbourne in a deal which gave the Rabbitohs enough room under their salary cap to accommodate Inglis.
Both players have signed three-year deals, according to the Storm, ending a saga that even generated stories about the Kangaroos and Queensland Test star considering a move to AFL club Essendon.
Rabbitohs chief executive Shane Richardson was delighted with his club’s Christmas present.
“We’re proud to be bringing world class players to our Club,” Richardson said.
“The Rabbitohs is the club which Greg wants to play for, the club he believes in, and the club where he will play his best football.
Richardson paid tribute to Champion.
“Beau has been a great clubman, both on and off the field, since coming into grade,” Mr Richardson said.
“Unfortunately the NRL’s decision on Greg’s contract meant we couldn’t keep all of our squad together.
“Beau has chosen to accept an increased contract offer, and an extension of his contract from one year with us to three years at Melbourne Storm.”