GWS Giants Contracts & Salary Cap: Toby Greene, Salary Squeeze & List Exodus

The Giants had it all. Expansion concessions. Extra draft picks. An extra $2 million in salary cap space. They built a superteam: Jeremy Cameron, Josh Kelly, Dylan Shiel, Toby Greene, Stephen Coniglio. Four Grand Finals between 2016-2019. Zero premierships.

Then 2023 arrived and the AFL said “time’s up.” Concessions expired. The $2 million disappeared. Suddenly GWS couldn’t afford everyone. Cameron left for Geelong. Shiel went to Essendon. Williams joined Carlton. Houston traded to Carlton in 2024. Fifteen players gone in four years.

Toby Greene remains, earning over $1 million annually as captain of a sinking ship. The Giants finished 12th in 2024 with a 10-13 record. They’re not contenders anymore. They’re not rebuilding properly either. They’re just stuck—paying premiership-era salaries on a wooden spoon-caliber list.

Explore detailed player profiles and career earnings by clicking on any GWS Giants player’s name.

GWS Giants’ Biggest Contracts

1. Toby Greene – Captain/Forward: Toby Greene signed a six-year extension through 2027 worth approximately $6 million total. He reportedly earns $950,000-1.05 million annually as the 2020 All-Australian and two-time club best and fairest. The 31-year-old kicked 44 goals in 2024 despite GWS missing finals, remaining their most important player.
2. Josh Kelly – Midfielder: Josh Kelly remains on a mega-deal earning an estimated $900,000-1 million annually through 2026. The 30-year-old two-time All-Australian signed his contract in 2018 when GWS enjoyed $2 million additional cap space. He averaged 27.1 disposals in 2024 but has played just one final since 2019.
3. Tom Green – Midfielder: Tom Green extended through 2029 on a deal worth approximately $5 million total. He earns an estimated $800,000-900,000 annually after winning the 2024 club best and fairest. The 22-year-old averaged 26.8 disposals, representing GWS’s next-generation midfield core alongside Stephen Coniglio.
4. Stephen Coniglio – Midfielder: Stephen Coniglio remains on a veteran contract earning an estimated $750,000-850,000 annually through 2026. The 31-year-old former captain averaged 23.4 disposals in 2024 after relinquishing captaincy to Toby Greene. His high salary for declining output creates cap pressure.
5. Jesse Hogan – Key Forward: Jesse Hogan signed a four-year extension through 2027 worth approximately $3.5 million total. He earns an estimated $700,000-800,000 annually after joining from Fremantle in 2019. The 30-year-old kicked 45 goals in 2024, leading GWS’s forward line alongside Greene.

GWS’s top-five contracts total approximately $26-28 million across multiple years. The Giants consume roughly 42-47% of salary cap space on these five players. This concentration creates list imbalance with minimal depth after the mass exodus.

How GWS Manages the $16.49M Salary Cap

The AFL’s salary cap for 2025 features a $16.49 million soft cap and $17.16 million hard cap. GWS operates at maximum capacity with zero remaining flexibility after expansion concessions expired.

The Giants allocate 42-47% of salary cap to their top five highest-paid players. This concentration creates severe imbalance with 12-15 players earning minimum wage $112,000-180,000. Sydney spreads 35-38% across five players maintaining superior depth.

GWS benefited from expansion concessions allowing $2 million additional cap space from 2012-2023. This funded aggressive recruiting of Jeremy Cameron ($1.1M), Lachie Whitfield ($850K), Dylan Shiel ($800K), and others. Concessions expiring forced brutal salary cap reckoning.

The Giants cleared massive salary space through unprecedented player exodus. Departures include Jeremy Cameron (Geelong), Josh Kelly (North Melbourne trade rumors), Dylan Shiel (Essendon), Zac Williams (Carlton), Adam Tomlinson (Melbourne), and 10+ others totaling $8-10 million annually.

GWS faces critical pressure in 2025-2026 with Jesse Hogan ($750K) and Stephen Coniglio ($800K) aging while young stars like Aaron Cadman and Harry Rowston require extensions. The club must navigate post-expansion reality without salary cap advantages that built their initial list.

GWS’s Biggest Salary Cap Decision: The Jeremy Cameron Departure

GWS’s most significant salary cap decision came allowing Jeremy Cameron departing to Geelong as restricted free agent in 2020. The club refused matching Geelong’s $6 million six-year offer, triggering compensation picks 13, 15, and future first-rounder.

Cameron’s departure immediately saved GWS approximately $1 million annually. The Giants recruited compensation picks but received minimal value: Leek Aleer (13), Cooper Hamilton (15), and Finn Callaghan (future first) have produced just 45 combined games through 2024.

The decision reflects GWS’s impossible salary cap position. The club couldn’t match Cameron’s $1 million salary while maintaining Josh Kelly ($900K), Toby Greene ($1M), and Stephen Coniglio ($800K). Expansion concessions expiring forced choosing Kelly over Cameron.

Cameron kicked 51 goals in Geelong’s 2022 premiership season including 5 Grand Final goals. GWS missed finals in 2023-2024 without him. The opportunity cost shows: Geelong won flag, GWS received three draft busts, saved $6 million but achieved nothing.

This decision contrasts with Collingwood’s ruthless cap management. The Magpies traded Brodie Grundy ($1M) to Melbourne while paying $300K salary. GWS let Cameron walk for compensation picks, sacrificing their best player without forcing other clubs absorbing his contract.

Salary Cap Strategy: GWS vs Sydney

GWS employs a top-heavy concentration model allocating 42-47% of cap space to five aging players earning $700,000-1.05 million. Sydney pursues balanced sustainability spreading 35-38% across six players mixing prime veterans with emerging talent.

The Giants maintain expensive veterans like Josh Kelly ($950K), Toby Greene ($1M), and Stephen Coniglio ($800K) into their 30s. Sydney transitioned from Buddy Franklin ($1.5M retired) to Isaac Heeney ($850K), Chad Warner ($750K), and Errol Gulden ($650K) creating youth-driven contention.

GWS’s philosophy reflects expansion hangover from unsustainable concession-era spending. Sydney’s patient development through academy and smart veteran recruitment sustains consistent finals appearances. The Swans reached 2024 Grand Final, GWS finished 12th.

The cross-town Sydney Derby rivals showcase extreme contrasts. GWS salary cap squeeze forces minimum-wage depth players, Sydney maintains 18-20 players earning $400,000-800,000. The results show: Sydney won 2024 McClelland Trophy, GWS rebuilds after failed premiership window.

FAQs

How much does Toby Greene earn at GWS?

Toby Greene earns an estimated $950,000-1.05 million annually on his six-year extension through 2027 worth approximately $6 million total. The 31-year-old captain and 2020 All-Australian kicked 44 goals in 2024 as GWS’s highest-paid player despite the club finishing 12th with 10 wins.

What is Josh Kelly’s contract worth?

Josh Kelly earns an estimated $900,000-1 million annually on his mega-deal through 2026 signed during GWS’s expansion concession era. The 30-year-old two-time All-Australian’s salary creates cap pressure as expansion advantages expired, forcing the Giants into severe list cuts and player exodus.

Why did GWS lose so many players?

GWS lost 15+ high-paid players between 2020-2024 including Jeremy Cameron ($1M), Dylan Shiel ($800K), Zac Williams ($900K), and others totaling $8-10 million annually. Expansion concessions expiring in 2023 removed $2 million additional cap space, forcing brutal salary cuts to comply with standard $16.49 million soft cap.

How did expansion concessions help GWS initially?

GWS received $2 million additional salary cap space from 2012-2023, allowing the club to recruit and retain stars like Jeremy Cameron, Josh Kelly, and Stephen Coniglio simultaneously. Concessions expiring triggered mass exodus as GWS couldn’t maintain $18-19 million spending under standard $16.49 million cap.