The club took four players in the AFL Draft and elevated two rookies but chose to pass on selections 53 and 69, meaning it will have 38 players and seven rookies on its books in 2014.
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However, the club told AFL.com.au it had exactly the same list structure in 2013 and, despite being tight with the salary cap, had no concerns.
The club thinks its ability to potentially elevate two rookies during the season as nominated rookies gives it enough flexibility and depth throughout 2014.
The club's manager for recruiting and list management Kinnear Beatson confirmed to AFL.com.au that it would not take any players in the pre-season draft.
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"We're just running with the list of 38. That's how you can work your TPP. That's the model we've elected to go with and we're pleased with that," Beatson said.
The club shocked the football community when it signed Franklin on a $10 million, nine-year deal but it is comfortable with its position, given a reasonable amount of growth in player payments can be expected over the contract's lifetime.
The club lost five players in the wake of Franklin's arrival with Jed Lamb set to join Greater Western Sydney through the pre-season draft.
It also lost Shane Mumford to the Giants. Tony Armstrong joined Collingwood as a delisted free agent and Jesse White was traded to the Magpies.
Andrejs Everitts joined Carlton just before the trade deadline expired.
Three of those players played in the Sydney Swans' preliminary final team but only Mumford played in the 2012 premiership.
It has added Carlton's Jeremy Laidler and Richmond's Tom Derickx as delisted free agents since the trade period ended.
The 38-player strategy is becoming more common and Collingwood also had a list of 38 and multiple rookies in 2013.