It is also hoped the new coach will be in place by Christmas and he will have the opportunity to sign his own players.
Otago failed to make the ITM Cup championship semifinals for the first time in three seasons this year.
It blew its final chance last Friday night, going down to Manawatu 38-25 at Forsyth Barr Stadium.
Otago Rugby Football Union general manager Richard Kinley said a full review of the season would be carried out with players, coaches and the management team and that was normal for the season.
He said all the union's representative teams, whether they were successful or not, had a review at the end of the season.
From that review would come the findings of the season and anything that needed to be changed.
The review was clouded by the fact coach Tony Brown is moving up to the Highlanders so a new coach would be appointed.
There was a danger players might look elsewhere if no coach was immediately on board but Kinley said players were signed throughout the season.
He was not looking to rush the process of getting the new coach.
''We need to get the right person and have the right fit. We could have run the process through the ITM Cup but that would have been a distraction,'' Kinley said.
''But I would like to think we would have a coach in place by this side of Christmas.''
The Otago union made a healthy profit of more than $400,000 for the 2013 year but that money would not be used to buy players.
Kinley said it was wrong that money in the bank should translate into spending money on players.
''We made a profit last year but we need to build reserves. We need to have working capital in case something happens. Last year's result really helped us out but, like every sport these days, the funding is tight,'' he said.
Kinley said there was no future in paying players over the odds, as the union would just go back to where it was in early 2012, when it narrowly avoided bankruptcy.
He said more money did not translate into success.
''In 2012 we made the final and things were pretty tough then.
''Our policy is not going to change. We are going to pick players from club rugby and if players want to come down here to get into the Otago team, then they can do it through club rugby. If there is a noticeable gap and there are not the players there, then we may look outside the region.''
He said with a new coach coming on board, there had to be space left so the new coach could sign players.
Kinley said the past season was tight and, with a slice of luck, Otago could have made the finals.
''We were unlucky. It was close against Canterbury, close against Tasman. We did not fire against Northland and that came back to haunt us. But if we had beaten Manawatu, we would have made it back into the semis.''
