FREE agency could be bad for the game if the AFL does not implement a revenue sharing model that equalises all 18 clubs, says Western Bulldogs president Peter Gordon.

While Gordon described the Swans' last minute bid to snare free agent Lance Franklin as a "remarkable feat of recruiting", he said it highlighted the inequity in the competition.

Last year alone the Bulldogs, who could not pay their entire salary cap, paid $2 million less than the Swans, who have an additional cost of living allowance, in player payments.

Speaking on AFL.com.au's Gillette Trade Radio, Gordon said until the revenue stream was equalised, the competition would remain unbalanced.

"What we need in this competition is 18 clubs that all have an equal salary cap to build to and an equal capacity to pay it," Gordon said.

"Once every club is in a position to do that, not just for one year, but then two and three and four, then you'll see the sort of competition not only for players like Franklin, but for other players in the competition.

"It'll be good for the players, good for the competition and good for the fans.

"The ability to hope, legitimately, on reasonable grounds, that they might make the last two weeks in September sometime in the near future."

Gordon joined a number of other powerbrokers in questioning the Swans' 9.8 per cent cost of living allowance.

He said the AFL should be aiming to pay players an amount that makes the small difference in living expenses largely irrelevant.

"Give us an equal capacity to compete in terms of revenue and in terms of the salary cap, and you'll see teams like the Bulldogs and like St Kilda pulling off free agency trades that will be exciting for the supporters, exciting for the competition, and create the level of uncertainty and the 'any given Sunday’ principle that everyone wants," Gordon said.

"It's an exciting prospect and I think we're heading into an exciting time."