Lance Franklin’s shadow finally lifted. The Swans reached the 2024 Grand Final just one season after Buddy’s retirement cleared approximately $1 million annually from their books. Coincidence? Hardly.
Sydney finished runners-up to Brisbane, losing 60-54 in a heartbreaker. But they got there without the baggage of Franklin’s nine-year, $10 million megadeal that defined their salary cap from 2014-2023.
Isaac Heeney led the charge. Chad Warner emerged as elite. Errol Gulden blossomed. All three earn less combined than Franklin did alone.
The Swans operate under the AFL’s $16.49 million soft cap plus Cost of Living Allowance (COLA) giving them approximately $300,000 additional space annually.
That Sydney advantage helps, but smart list management matters more. They’ve proven it by replacing a $1 million icon with three $600,000-850,000 stars.
Discover the Sydney Swans players biography and net worth by clicking on their name.
| Player Name | Position |
| Dane Rampe | Defender |
| Lewis Melican | Defender |
| Harry Cunningham | Defender |
| Jake Lloyd | Defender |
| Nick Blakey | Defender |
| Ollie Florent | Defender |
| Matt Roberts | Defender |
| Tom McCartin | Defender/Forward |
| Braeden Campbell | Defender |
| Robbie Fox | Defender |
| Aaron Francis | Defender |
| Joel Hamling | Defender |
| Will Edwards | Defender |
| Ben Paton | Defender |
| Riley Bice | Defender |
| Riak Andrew | Defender |
| Blake Leidler | Defender |
| Justin McInerney | Midfielder |
| Callum Mills | Midfielder |
| Errol Gulden | Midfielder |
| James Rowbottom | Midfielder |
| Chad Warner | Midfielder |
| Isaac Heeney | Midfielder/Forward |
| Taylor Adams | Midfielder |
| Angus Sheldrick | Midfielder |
| James Jordon | Midfielder |
| Matt Roberts | Midfielder |
| Caiden Cleary | Midfielder |
| Corey Warner | Midfielder |
| Will Hayward | Forward |
| Logan McDonald | Forward |
| Joel Amartey | Forward |
| Tom Papley | Forward |
| Hayden McLean | Forward |
| Jesse Dattoli | Forward/Midfielder |
| Ned Bowman | Forward |
| Tom Hanily | Forward |
| Brodie Grundy | Ruck |
| Peter Ladhams | Ruck |
| Jake Melksham | Midfielder/Forward |
| Sam Reid | Forward/Key Forward/Ruckman |
| Sam Wicks | Forward |
| Oliver Florent | Defender/Midfielder |
Post-Buddy Era: Where the Money Went
Isaac Heeney signed a five-year extension through 2029 worth approximately $4.5 million total. He earns an estimated $850,000-950,000 annually after finishing 2nd in the 2024 Brownlow Medal with 29 votes.
The 28-year-old kicked 66 goals from midfield, delivering elite two-way value that Franklin never provided in his twilight years.
Chad Warner extended through 2031 on a deal worth approximately $6 million total. The 24-year-old earns roughly $750,000-850,000 annually after averaging 27.1 disposals in 2024. His breakout season included All-Australian selection, proving Sydney’s youth investment strategy works.
Errol Gulden signed through 2030 worth approximately $4.5 million total. He earns an estimated $650,000-750,000 annually after winning the 2024 Bob Skilton Medal. The 22-year-old academy product averaged 28.4 disposals, becoming Sydney’s next-generation midfielder.
Tom Papley remains under contract earning approximately $600,000-700,000 annually through 2026. The 28-year-old kicked 43 goals in 2024, providing consistent forward pressure. He wanted out in 2019 but stayed, becoming a crucial three-time premiership near-miss contributor.
Callum Mills signed as captain through 2027 earning an estimated $750,000-850,000 annually. The 27-year-old played just 10 games in 2024 through injury but provides leadership value. His contract looks expensive given limited availability.
Sydney’s top five earn approximately $3.6-4.1 million combined annually. Franklin alone cost $1 million. The math explains everything.
The Franklin Hangover: Nine Years of Cap Gymnastics
Lance Franklin signed the most expensive contract in AFL history in 2013: nine years, $10 million from Hawthorn. Sydney bet a 26-year-old superstar would deliver multiple premierships. They got one Grand Final appearance (2022 loss) and zero flags.
Franklin kicked 564 goals across 194 Sydney games. That’s elite production, but the opportunity cost was staggering. Sydney couldn’t recruit aggressively. They couldn’t pay market rates for complementary stars. Every list decision revolved around fitting Buddy’s $1 million-plus salary.
The Cost of Living Allowance helped. Sydney received approximately $300,000 extra cap space annually to offset higher living costs versus Melbourne. But even with COLA, Franklin consumed 7-8% of their total cap alone.
Compare this to Collingwood’s approach. The Magpies spread their spending across 20+ players earning $400,000-800,000. No single player exceeds $950,000. That depth delivered the 2023 premiership. Sydney’s Buddy-centric model delivered heartbreak.
Franklin retired after 2023, immediately freeing approximately $1 million. Sydney redirected that money toward extending Heeney ($900K), Warner ($800K), and Gulden ($700K). Twelve months later, they reached the Grand Final.
COLA Controversy: Sydney’s $300K Advantage
Sydney receives Cost of Living Allowance adding roughly $300,000 to their salary cap. The AFL implemented COLA acknowledging Sydney’s higher housing and living costs versus Melbourne. GWS also receives the allowance.
Victorian clubs hate it. They argue Sydney uses COLA to poach talent offering contracts other clubs can’t match. Adelaide lost Aliir Aliir to Sydney in 2021. Port Adelaide lost Dan Hannebery in 2018. Both cited Sydney contracts as too good to refuse.
Sydney’s counterargument: rent in Sydney averages $700+ weekly versus Melbourne’s $500. Players genuinely spend more living there. COLA merely equalizes rather than advantages.
The truth sits somewhere between. Sydney does spend more on living costs, but $300,000 extra cap space matters enormously. That’s one quality player earning $250,000-350,000. That’s the difference between depth and thin lists.
Brisbane doesn’t receive COLA despite Queensland’s rising costs. Neither does Gold Coast anymore (lost it in 2021). Only Sydney and GWS maintain the allowance, creating legitimate competitive balance questions.
Academy Gold: How Sydney Steals Talent Legally
Errol Gulden cost Sydney Pick 32 in 2020 despite being consensus top-15 talent. He’s an academy product, meaning Sydney matched rival bids using points-based discount system. Market value: Pick 10-12. Actual cost: Pick 32.
Isaac Heeney arrived the same way in 2014 at Pick 18 despite top-10 talent. Callum Mills cost Pick 3 in 2015 but delivered fair value. Tom Papley came at Pick 14 in 2016, another academy discount.
Sydney’s academy system produces approximately one elite talent annually at 30-50% discount versus open market value. This creates salary cap advantages: Gulden earns $700K performing at $1 million level, saving $300K annually.
Brisbane uses similar academy advantages with the Ashcroft brothers. Collingwood scored Nick Daicos through father-son at Pick 4 despite Pick 1 talent. Every club with access exploits the system.
Victorian clubs without academy or father-son access complain loudest. Carlton hasn’t had a father-son pick since Liam Stocker (Pick 19, 2018). Richmond’s last meaningful one was Dustin Martin (Pick 3, 2009). They pay full freight while Sydney discounts.
The system isn’t changing soon. Sydney will keep producing academy talent. Victorian clubs will keep complaining. Nothing changes.
Why GWS Failed Where Sydney Succeeded
Both clubs receive COLA. Both have academy access. Both play in Sydney. Yet the Swans reached 2024 Grand Final while GWS finished 12th missing finals.
Sydney built patiently through the draft: Heeney (2014), Mills (2015), Papley (2016), Gulden (2020), Warner (2019). All developed internally on rookie contracts before earning big money through performance.
GWS used expansion concessions ($2 million extra cap space through 2023) to recruit expensive stars: Jeremy Cameron ($1.1M to Geelong), Josh Kelly ($900K), Dylan Shiel ($800K to Essendon). When concessions expired, the Giants imploded losing 15+ players to salary cap reality.
Sydney’s model proves sustainable. GWS’s expansion hangover shows what happens when artificial advantages disappear. The Swans will contend through 2027. GWS faces 3-5 year rebuild.
FAQs
How much did Lance Franklin’s contract cost Sydney?
Lance Franklin’s nine-year, $10 million contract (2014-2023) cost Sydney approximately $1.1 million annually including bonuses. The megadeal consumed 7-8% of their salary cap alone, limiting recruitment flexibility. Sydney reached the 2024 Grand Final just one season after his retirement cleared that space.
What is Sydney’s Cost of Living Allowance worth?
Sydney receives approximately $300,000 additional salary cap space through Cost of Living Allowance (COLA) compensating for higher housing costs versus Melbourne. Only Sydney and GWS receive COLA, creating competitive balance controversy as Victorian clubs argue it enables unfair talent poaching.
How much does Isaac Heeney earn at Sydney?
Isaac Heeney earns $850,000-950,000 annually on his five-year extension through 2029 worth approximately $4.5 million total. The 28-year-old finished 2nd in 2024 Brownlow voting after kicking 66 goals from midfield, proving Sydney’s post-Franklin youth investment strategy works.
Why does Sydney keep making Grand Finals?
Sydney reached Grand Finals in 2022 and 2024 by replacing Lance Franklin’s $1 million salary with three stars earning $2.4 million combined (Heeney $900K, Warner $800K, Gulden $700K). Add Cost of Living Allowance ($300K extra cap space) and academy discounts (Gulden at Pick 32 value), and their sustained success makes sense.
