Leeds Rhinos prop and former Bradford captain Jamie Peacock says the Bulls' relegation from the top flight is a cautionary tale for Super League.
Peacock joined Leeds in 2006 having been part of three of Bradford's four Super League title triumphs.
"Their demise is sad for the game but also a warning and lesson as well," he told BBC's Super League Show.
"It shows for a club to survive in Super League you need good backroom staff, a good CEO, a good chairman."
The 36-year-old former England and Great Britain captain continued of his old club, who were deducted six points for going into administration: "As a player it is sad to see, I had some fantastic times with Bradford.
"I think they have been staggering around for a while now, slowly descending down the league and it has just been disappointment after disappointment both on and off the field."
|Bulls' former glory|
|Super League champions: 1997, 2001, 2003, 2005|
|World Club Challenge wins: 2002, 2004, 2006|
|Challenge Cup wins: 1946-47, 1948-49, 2000, 2003|
|Minor Premiers: 1999, 2001, 2003|
|Grand Finalists: 1999, 2002, 2004|
During his 207-match Bulls career, Peacock collected two Challenge Cups, two World Club Challenge titles and three of his eight Super League Grand Final wins.
"I will forever be grateful to the Bradford Bulls, they gave me my shot at Super League, my first couple of Grand Final wins were with them and my only Challenge Cup wins were with the club."
Bradford's 52-26 loss at Huddersfield on Sunday, the Bulls' sixth successive defeat, condemned the Odsal side to the second-tier Championship next year.
The drop is the culmination of a torrid few years for the Yorkshire club, who have struggled financially, and recently changed head coach - with James Lowes replacing Francis Cummins.
However, Peacock said relegation could offer Bradford's new owner and chairman Marc Green, chief executive Robbie Hunter-Paul and Lowes the chance to revitalise the club.
"I feel they will be able to come back from this, that they have good foundations in place," said Peacock.
"I'm pleased, in a sick kind of way, that it has ended and they can start fresh in the other league. I would have loved for them to stay up, but that is just not going to be, and if they stayed up they would have just bounced along the bottom of Super League.
"This can be a new start point for the club."