The 2026 trade period is done, with clubs now turning their attention to next month’s national draft.

But before then, we need to unpack the key moves that transpired over the past fortnight.

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Foxfooty.com.au reviews the immediate winners and losers from this year’s trade and free agency period.

WINNERS

Western Bulldogs

Landed the best player of the exchange window with superstar free agency signing Zak Butters. And the five-club mega trade, which was essentially a Butters side deal, meant the Dogs only had to give up two first-round picks for the Port jet and brought in Finn Maginness and Hudson O’Keeffe. The Dogs also addressed their key defensive void with fellow free agency addition Jordon Butts to help plug a hole they’ve long needed to. Along with the return of Sam Darcy from an ACL injury, it has the club well placed to be a genuine flag contender in a crunch 2027 for Luke Beveridge, who’s due to come out of contract. It could well be the best list the Dogs have had during Beveridge’s time at the helm.

Hawthorn

Feels like this mob is included in this category most years. It’s been another busy off-season at Hawthorn, securing Zach Merrett, Ben King and Josh Goater to beef up Sam Mitchell’s side for 2027. They got Merrett relatively cheap: Pick 15, 25 and a future second-rounder, while King technically arrived for nothing as a free agent. The Hawks did give up Aidan Schubert as part of another backroom deal to help Gold Coast replenish its key forward stocks. But to give up nothing more for King is a big win, whereas had Gold Coast finished higher up the ladder and not taken the compensation pick, the star forward would’ve commanded at least two first-round picks. Coming off consecutive preliminary finals, it puts Hawthorn in its strongest ever position for a flag tilt under Sam Mitchell as arguably the premiership favourite.

Stringer to be next year’s big bargain? | 01:31

Collingwood

The Pies have had their cake and eaten it too. The additions of Lachie Neale and Jesse Hogan not only address two clear needs in the midfield and up forward to make Craig McRae’s side better next year and keep the club in contention, but the free agents also come at zero cost from a trade perspective. They couldn’t get a Jayden Short over the line, but it means Collingwood also takes its picks to the draft and brings in young talent the club needs to replenish an ageing list. Neale, specifically, will give the Collingwood midfield the star clearance winner it desperately needs and helps offset the loss of over 800 games of experience with Scott Pendlebury and Steele Sidebottom’s departures.

Geelong/Rowan Marshall

Another perennial trade period winner. The Cats were again aggressive wheeling and dealing, bringing in Toby Greene, Jordan Ridley and Rowan Marshall. Marshall, who turns 31 next month, gets his trade wish 12 months after a deal went through and he played second fiddle to Tom De Koning, with the veteran now set to lead Geelong’s ruck division and contend for flags to finish his career. Greene came for nothing as a free agent, while Marshall and Ridley cost Geelong first-round picks to show how much Chris Scott’s side is in it for the now … just like every other year.

Rowan Marshall is all smiles after his Geelong move was cemented. (Photo by James Wiltshire/AFL Photos via Getty Images)Source: Getty Images

North Melbourne

A Blakey back at Arden Street! Nick Blakey is arguably North Melbourne’s greatest ever trade recruit in a massive coup for the club as it begins a new era under Jaymie Graham. While Blakey came at a high price for North’s Pick 6 and a future first-rounder, and he comes with some baggage in the fallout from the Pullman Hotel scandal, he’s arguably the best halfback in the game and a player who can transform Graham’s side and add serious punch. Not to mention how it makes the Kangaroos a more appealing destination moving forward as the club looks to play in its first finals campaign since 2016.

Roos win the race for Nick Blakey | 02:15

Richmond

The Tigers didn’t get Zak Butters, despite their documented efforts, but they never really seemed like they were in the race. The moves they did make, though, not only can’t be faulted but should be praised. Richmond attacked the mature-age demographic and targeted areas of need, with wingman Nathan O’Driscoll, 24, and ruckman Kieren Briggs, 27, walking in the door as not only positional upgrades, but figures to help guide the club’s swathe of youth. Blair Hartley and company nabbed O’Driscoll for chips, while Briggs signed a free agency deal that netted the Giants just Band Five compensation. The club also held Jayden Short to his contract, refusing to succumb to the Magpies for less than it believed he was worth. But the most consequential move the Tigers made was trading for Port Adelaide’s Pick 5. They paid a hefty but completely justifiable price to ensure they’ll add two highly-touted talents next month to round out the club’s three years of top-end drafting — likely 13 total top-35 picks across that span. Arki Butler and Harry Van Hattum? There are plenty of ways they can go on night one of the draft, with an array of attractive options available to them. But once that’s decided, the core of Richmond’s list build will effectively be complete. Trading out of next year’s draft — dealing their first, second and fourth-round 2027 picks — makes all the sense in the world, as next year’s intake is heavily compromised by Tasmania and other club ties to significantly reduce the level of talent available in the open pool. But they’ll also still get compensated for likely losing Rhyan Mansell to Tasmania, and another bottom-five finish in ‘27 will yield another second-round compensation pick.

Winners and losers of trade period | 09:16

Port Adelaide

With Zak Butters a certainty to leave the club all year long, the Power’s most important task was to maximise their return to help set up their rebuild. And they absolutely did that. There’ll continue to be discourse over whether the AFL should have ticked off the mega deal involving the Bulldogs — with Port bringing in far more draft capital than they lost — but the Power tiptoed the rules expertly to net the draft picks they desired. And those picks, as well as the haul they got from Richmond for Pick 5, will almost certainly ensure they’re able to match 2027 draft bids for Zemes Pilot and Louis Salopek. It’s currently four top-25 picks this year, and three first-rounders in 2027. It’s been shrewd dealing, led by list boss Jason Cripps, to solidify the club’s rebuild ahead of Tasmania’s inception. Port also added to its forward half with the trade addition of Luke Pedlar.

There were plenty of winners and losers of this trade and free agency period.Source: FOX SPORTS

READ MORE

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MEGAWRAP: What all 18 clubs did this AFL trade period… and how draft hands look

LOSERS

Adelaide

In reality, the Crows lost this trade period before it even began. Their pursuit of Brisbane superstar Zac Bailey, which spanned the best part of 12 months, ironically fell short on the week of their semi-final against the Lions. Last year, it was Nasiah Wanganeen-Milera and Christian Petracca who the club missed out on, which initially built the pressure on them to land Bailey this year. It wasn’t to be, and now, they simply must land Wanganeen-Milera next off-season to avoid their pursuit of no one this time around. You can appreciate their trepidation at throwing the kitchen sink at Jordan De Goey if it means they can go even harder at a star midfielder next year, but it’s a very dangerous game the Crows are somewhat forced to play. Elsewhere, perhaps a harder crack at Keidean Coleman or Lachie Whitfield could have moved the needle a little more in their favour for 2027, but no doubt that extra midfielder is where their biggest void lies. Otherwise, the Crows also made the bemusing call to refuse North Melbourne’s final offer of Picks 33 and 49, its 2027 first-round pick and its 2027 third-round pick. Prospectively losing Murray in addition to Jordon Butts had the potential to be problematic next year, but it’s a massive package to turn down for a guy who played a lot of SANFL footy this year. “I’m surprised Adelaide didn’t do this deal … I know you need backup, but I think for a future first and a pick inside 35 this year … interesting that they held their nerve,” dual All-Australian Leigh Montagna said on Fox Footy in reaction.

Nick Murray didn’t get his North Melbourne trade wish. (Photo by Mark Brake/Getty Images)Source: Getty Images

Nick Murray

It leads into the Murray discussion, with the out-of-favour 25-year-old bitterly held to his contract and denied his desired North Melbourne move. He’s got two more years left on his Adelaide deal, but doesn’t figure to have plenty of senior opportunities sitting behind several backmen in the Crows’ pecking order. He would likely have played an integral role in Jaymie Graham’s Roos defence alongside marquee trade recruit Nick Blakey. Instead, he remains a key-defence depth piece at West Lakes after Jordon Butts left for the Bulldogs as a free agent. Murray played nine SANFL games in 2026 for averages of 17.9 disposals and 6.7 marks, and 11 AFL games. The 2023 season was the last time he played more than 12 senior games under Matthew Nicks.

‘One of the best defenders in the comp!’ | 04:46

St Kilda

The repercussions of your St Kilda’s 2027 are arguably bigger than any club in the league. We’ll start with the positives: Rowan Marshall for essentially pick No.14 was absolutely a win, and the acquisition of Sam Marshall from Brisbane adds to their midfield depth. That said, the trading of a future first-round pick probably feels a bit overs in the end — but how he goes at Moorabbin can obviously dictate the eventual verdict. The negatives? With Ross Lyon and Nasiah Wanganeen-Milera out of contract, the lack of attempt to lure in A-grade talent (while holding picks No.10 and 16) leaves a lot of responsibility on their current list to make it to September. A lot of people would argue they don’t have the cattle to make it deep into finals, so where was a throw at the stumps for Dan Houston or Jordan De Goey?

GWS

The Giants executed the list transition they were looking to; start moving past some of the elder statesmen with the club no longer in the flag window. Jesse Hogan and Jake Stringer have departed, while Lachie Whitfield left via trade and Toby Greene joined Geelong as a free agent. You could make the argument that of those four, GWS only really ‘lost’ Greene, but the club has still cut very deep, and its winning chances look set to suffer next year. They also might’ve wanted something earlier than Picks 25 and 26 in the Whitfield trade. They retained Jake Riccardi to partner with young forwards Aaron Cadman and Max Gruzewski, but they also didn’t bring anyone in to bolster the list.

AFL draft whispers unpacked | 02:51

Jayden Short and Craig McRae

For all the talk about McRae and Short’s chatting over a prospective move, a marriage didn’t eventuate after Richmond and Collingwood reportedly met on Wednesday and the possibility of doing a deal was ruled out. It was said that the Tigers weren’t all that happy with McRae personally sounding Short out throughout the year, but they also didn’t bite on the Pies’ less-than-desired offer. Richmond was looking at Collingwood’s Pick 30, but evidently couldn’t get access to the return it wanted for the contracted soon-to-be 31-year-old. It’s particularly disappointing for Short, who pushed for the move as he eyed a third premiership and potentially a role tweak at the Pies under McRae, who was at Tigerland during Richmond’s premiership years. But the latter also isn’t getting his upgrade across the half-backline, with Short’s dash and creativity with the footy especially attractive to the Pies, who vastly improved their decision-making.

Swans set to bounce after ‘reset? | 01:07

Dean Cox

Looking through a purely footy lens, Cox loses his prized Nick Blakey magnet. Some who are Swans-inclined might argue Sydney won’t commit as many turnovers now that Blakey is gone, but it’s undeniable that the Swans have lost a dynamic, creative and dashing counterattacker, and that their overall counterpunch game is weakened coming out of this trade period. He’s going to be a very hard player to replace as far as impact goes, and that’s going to be a headache for Cox next season. His club got a top pick in return, but that likely won’t help the coach of a flag-contending team in the short term. There were many left thinking ‘what if’ with regard to the Pullman scandal, but few more so than Cox, who’ll be wondering how things would be looking right now had those that night in August not happened. The Swans also lost depth pieces in Joel Amartey (Carlton) and Harry Cunningham (Adelaide), but he won’t lose as much sleep over not having those two.