It might not play out on the ground in 2027, but Hawthorn and the Western Bulldogs were the finalists that gained the most ground during a trade period that was marked by an outbreak of honesty and rational negotiations.
Zach Merrett, whose stranding at Tullamarine was the story of last year’s exchanges, was granted his wish to play under Sam Mitchell. Whereas Merrett’s failed escape in 2025 was a game of chicken between the Hawks and Bombers in which no one won, this time the deal was reached more than a week before the deadline and both clubs emerged as if they had signed a peace accord at Camp David, smiling and with bursting with goodwill.
The Hawks and Bombers struck a fair deal, one in which both sides might wonder if they could’ve done slightly better. Essendon gained the draft capital and some face – yes, a little less than they would’ve scored had the foes come to terms 12 months earlier.
But if the Hawks go on to the win the flag in the next few years, they should be thanking the Suns on the podium, since it was their entirely pragmatic and logical decision to let Ben King leave as a free agent, without matching the seven-year $9 million deal, that allowed Hawthorn to consummate a trade with Essendon over Merrett that did not cost them vital organs.
Had the Suns matched and forced a trade, the Hawks did not have enough draft capital to land both King and Merrett. Or, they would have been forced to lose a player such as Noah Mraz, whom rival clubs had been eyeing.
Their landing of King did cost the Hawks Aidan Schubert in what I would call a related party transaction (aka a side deal), as it happened. But to acquire two A-graders – one midfielder who can hit targets, and a key forward who can be counted on for 50 to 60 goals provided he stays upright – makes them the logical topweight in the 2027 premiership race.
While the Bulldogs are coming from further back, the recruitment of Zak Butters, one of the game’s top five players, must vault them into genuine premiership contention, and that Butters purchase was buttressed, if you like, by the securing of Jordan Butts, who fills the club’s most gaping hole as a key defender.
Allowing the usual alibis for injury, Hawthorn’s pass mark for next season will be reaching the grand final. The Bulldogs must make the top four and if they cannot do so (again, injury willing) with Butters sharing the centre square with Marcus Bontempelli and Ed Richards (plus Sam Darcy back in attack), then Luke Beveridge’s time will be just about up.
The Dogs, like Hawthorn, were blessed to take a high-worth free agent from a club (Port Adelaide) who finished low enough to take the compensation pick (No.5) rather than force a trade.
But there was a trade, of course. It just wasn’t officially involving Butters, even though the whole deal was predicated on Port losing Butters and gaining a raft of picks. A coincidental deal.
Port received a pile of early picks and handed back a heap of draft choices that were less valuable on the face of it. It was ticked off by the AFL, perhaps because so many clubs and picks (and two barely players) were involved (“flood the zone with picks” to borrow from Steve Bannon) that no one could be bothered ascertaining how uneven or “commercial” and standalone it really was.
Side deals aside, there were a few notable themes:
1. The rise of the older player
Geelong’s policy of getting high-quality players aged around the 30 mark, as either free agents (Toby Greene) or needs-based trades (Jordan Ridley, who is 27, and Rowan Marshall) continued, and their policy has been adopted by Collingwood (Lachie Neale, Jesse Hogan) and even Carlton (Lachie Whitfield).
The Cats would fancy themselves capable bridging the gap between the top few and themselves. Collingwood possibly would think so, albeit they have fewer kids. The Magpies were fortunate to come up short, so to speak, in their offer to Richmond for Jayden Short and kept their draft picks. They had no need for another half-back flanker who is 30.
Scott Pendlebury’s passage to Gold Coast was the extreme example of how the AFL gun players’ career spans are imitating other professional sports, such as tennis and the NFL, and extending beyond 35, albeit “Pendles” has really been hired as on-field assistant coach.
2. The mega-buck deals
If old players are easier to acquire, their appeal is heightened by the incredible contracts that mid-career stars can command in a market in which few top-liners are available.
It is staggering to consider that King’s $9 million contract with Hawthorn is slightly more than half of what the Bulldogs have committed to Butters ($17 million to $17.5 million), which is now the game’s largest contract over nine years.
Nick Blakey, meanwhile, on nearly $12 million over eight years, has become the richest defender in the competition thanks to the combination of the Pullman scandal and North Melbourne’s desperate need (matched by two other clubs) to land their first A-grader from another club since Wayne Carey was strutting around.
3. The end of warehousing players
Brisbane eventually parted with Keidean Coleman before deadline, no longer able to hold a talented running defender whose spot was locked up by super veteran Dayne Zorko. The Lions had little choice but to trade midfielder Sam Marshall to the Saints on similar grounds.
In both cases, the Lions received more than adequate draft compensation.
Hawthorn was compelled to let Schubert leave, in the knowledge that he might develop into a capable key forward, once they had King secured and - in defiance of expectation - persuaded Calsher Dear to re-sign for another two years.
Those two clubs owned the deepest lists, perhaps, in 2026. It is not possible, if it ever was, to hold players, and build depth when individuals are trying to build careers.
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