CARLTON will not be discussing a contract extension with embattled coach Mick Malthouse until the end of the season.

Blues CEO Greg Swann made that clear before Carlton's shock loss to Melbourne on Saturday.

Malthouse is in the second year of a three-year deal at Visy Park.

The veteran coach has the support of outgoing president Stephen Kernahan, but Malthouse will be 61 at the end of this season and it remains to be seen whether he will want to continue.

Meanwhile, Carlton billionaire powerbroker Bruce Mathieson said it was time for a new direction at the club.

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Mathieson - whose nephew, Craig, sits on the Carlton board - said the Blues need a new president to step in immediately and start a top-to-bottom rebuild.

Mathieson, however, was not calling for the coach's scalp.

"You can't blame Mick. You have to look at your players. How many of our players would get a game for Hawthorn? There'd be lucky to be three or four," Mathieson said on 3AW on Saturday.

"They are getting Rolls-Royce money, and they should be performing like a Rolls-Royce. I would like a lot more for my money, I tell you."

Winless in 2014, it is the first time in Malthouse's 30-year coaching career that he has started a season without a victory from the opening four rounds.