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Todd Marshall emerges at centre of fresh Zak Butters twist as AFL issues trade warning

Todd Marshall has reportedly emerged as the potential circuit-breaker in a complex deal that could help Port Adelaide teammate Zak Butters land at the Western Bulldogs, while still allowing the Power to pocket the prized pick No.5 as free agency compensation.
Todd Marshall emerges at centre of fresh Zak Butters twist as AFL issues trade warning

Todd Marshall has reportedly emerged as the potential circuit-breaker in a complex deal that could help Port Adelaide teammate Zak Butters land at the Western Bulldogs, while still allowing the Power to pocket the prized pick No.5 as free agency compensation.

High-profile AFL journalist Tom Morris revealed on Monday evening that the Port utility could be sent to the Bulldogs in a separate trade involving significant draft capital, as the clubs explore how to satisfy each other while still unlocking Port’s access to a third first-round pick.

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Such a move would effectively leave the Bulldogs with both Butters and Marshall, while Port would walk away with three first-round selections — though any secondary deal would need to be approved by the AFL on its own merits.

It comes after Fox Footy’s Jon Ralph revealed the AFL is preparing to warn all clubs against “secret deals and unapproved trades”, with any arrangement between Port and the Bulldogs certain to come under significant scrutiny.

“The AFL has put a shot across the bows of both Port Adelaide and the Bulldogs (as) they try and come up with the perfect trade and compensation solutions.,” Ralph told On The Couch on Monday night.

“The AFL will write to all clubs and warn about secret deals and unapproved trades ... the centrepiece of this will be Port Adelaide taking pick No.5 as free agency compensation, and then there’ll be a secondary linked element.

“Clubs would see it as collusion, but both these clubs would say ‘it’s just smart business’.

Butters chooses Western Bulldogs | 00:32

“It’s effectively Port Adelaide getting a great deal, and the Bulldogs not having to give up three first-rounders.

“Any deal here absolutely needs to pass the pub test, because the AFL world is very sceptical already about these deals.”

Under one hypothetical scenario, Port could accept pick No.5 as compensation for Butters before separately trading Marshall to the Bulldogs, in exchange for pick No.13 (after compensation) and a future first-round pick.

Western Bulldogs could receive: Zak Butters, Todd Marshall

Port Adelaide could receive: Pick 5 (free agency compensation), Pick 13 (after compensation), future first-round pick

Morris’ earlier report on Marshall then saw him emphasise how any trade involving the 27-year-old — who is contracted to Alberton until the end of 2029 — would have to stand independently from the Butters free agency move to satisfy the league.

Ralphy breaks down Butters $19.8M deal | 01:33

“Contracted Port Adelaide big man Todd Marshall has emerged as a possible circuit breaker in a trade that would satisfy Port and the Western Bulldogs,” Morris said on Seven.

“Most importantly, it would be a deal that could stand on its own two feet, separate to the compensation pick Port would receive.

“In other words, it would (have to) be approved by the AFL separate to the compensation pick, Pick 5, which Port Adelaide would receive if they decided to go down that route.”

The complicated negotiations come amid the extraordinary financial stakes attached to Butters’ potential move, with the Bulldogs reportedly tabling a nine-year offer said to be worth almost $20 million.

“My understanding is this nine-year deal from the Western Bulldogs is $19.8 million — that’s $2.2m a year,” Ralph added on Monday night.

“The Geelong deal was about $14.8m, so that’s an extra $5 million. It’s about the money, but it’s also of course about playing with the likes of Marcus Bontempelli, and the club that he grew up loving as well.”

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It was published on September 14, 2026 and last updated on October 9, 2026. The time of the story is shown in your own time zone on the page.

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