THE AFL Players' Association has welcomed the AFL's revised $1.144 billion pay offer but has cautioned that it is up to the players themselves to accept or reject the deal.

AFLPA chief executive Matt Finnis said the association, which was given the final offer in a meeting with AFL bosses on Tuesday night, was pleased that the AFL had 'shifted', but said "we need to go away and consider it and the players will need to determine whether that offer achieves their reasonable objectives.

"Our principle is the players need to maintain their fair share.

"If there's ways and means of achieving that over the course of an agreement, however long, then that's something the players will need to consider."

The AFLPA has been given just over two weeks to consider the deal, with League CEO Andrew Demetriou warning on Wednesday there was no more money available.

However, AFLPA president Luke Power told 3AW on Wednesday night discussions could extend beyond the September 15 deadline as it took its time to ensure the best deal was reached.

Finnis said the players would not take industrial action that would disrupt the finals series or the Brownlow Medal count, but he did not rule out some sort of protest.

Later on SEN, he said the AFLPA would analyse the offer, discuss it with its delegates and meet again with the AFL before making its decision.

"There are other parts of our proposal it doesn't address, and they're significant ones," he said.

"We need to go back to the players and consult them and see what their views are."

He said the sticking point had nothing to do with "the numbers" and was more concerned with ensuring the players were looked after as the game expanded.

"We're looking for a partnership so when the game grows, the players grow with it," he said.

"I don't think any of us for one minute would say the players aren't well rewarded, and certainly the numbers are increasing in that regard.

"[The agreement] needs to reflects the value the players bring to the game, their short careers and the impacts on their bodies in the long term."

Finnis said the AFLPA had demonstrated "a willingness to be flexible", and hoped to be able to meet the AFL half-way on negotiations.  

"I think one of the things people have been concerned about is players taking a share of government money and facility grants and gaming revenues and the like," he said.

"We're happy to exclude all those kinds of things and just focus on the contribution which players make and ensuring what the fair share at the start of the deal is through to the end of the deal.

"We might have a discussion about that, but we think there are a number of ways to skin that cat."

The AFL has stated all along it is opposed to the idea of giving players a fixed percentage of revenue.

Finnis said the League's claim that it was an ineffective way to do business could have been resolved by reducing the length of the pay deal.  

"A lot of that goes to the length of the deal that you do. Obviously it becomes less important if you do a shorter-term deal but the AFL, they want five years and that's something we're not looking for."