Coached by Neil Henry and co-captained by Johnathan Thurston and Matthew Scott, they competed in the National Rugby League's 2010 Telstra Premiership, finishing in 15th place and failing to make the finals for the 3rd consecutive year.
Prior to the kick-off of the 2010 season, the media's attention surrounded the Cowboys' signing of ex-Australian international forward, Willie Mason on a one-year deal.
The controversial figure was one of the team's most consistent players in 2010 but would leave the Cowboys at season's end to join English Super League side Hull Kingston Rovers.
Highlights during the season included a golden point extra time victory over the Newcastle Knights in Round 20, in which rookie winger Will Tupou scored the match-winning try and the debuts of 18-year-old Michael Morgan and 17-year-old Jason Taumalolo, who would go on to play integral roles in the Cowboys' first Premiership win in 2015.
During the off-season the club underwent a major overhaul of personnel, releasing 15 players and signing a number of new recruits for 2011, including Queensland and Australian representatives Dallas Johnson and Brent Tate.