HAWTHORN paid its players nearly $2 million less than Sydney in 2007, according to the AFL's figures. The Hawks made the finals, yet ranked 16th for player payments, marginally below Carlton, the only other club that outlaid less than $8 million when all the extras were taken into account.

Winning the wooden spoon for player payments is a significant achievement given that the Hawks finished fifth. The disparity between first and 16th also suggests that, despite the greater cost of those harbour views and Paddington rents, the Swans are a tad generous.

By reaching the second week of the finals, Hawthorn paid an extra $114,700 in finals match payments. Thus, in real terms, it was clearly behind even the Blues, who were bad enough to win just four games and receive a priority pick.

The Hawks managed to pay the least, despite having two veteran-list players in Shane Crawford and Ben Dixon, only half of whose salaries counted in the total player payments. They were substantially below 100% of what was allowed. This was good management, not luck.

The ruthless offloading of older players Nathan Thompson, Jonathan Hay and Peter Everitt, and the retirements of Joel Smith and now Dixon has given Hawthorn a much younger list than the usual premiership contender. A young team is a cheap team, because Lance Franklin at 27 would receive far more dollars than a 21-year-old Buddy, even if he's no better.

Young players tend to be more willing to sacrifice some short-term return for the sake of success and camaraderie. An older player is prone to think of his family and what he owes the bank, or his bookie. Home-grown — read drafted — players also come cheaper than imports.

The younger profile of the list is a significant advantage that the Hawks enjoy compared to Essendon's team of 2000-2001, which gradually ebbed into mediocrity despite predictions of world domination. The Dons lost Damien Hardwick, Blake Caracella, Justin Blumfield and Chris Heffernan due to salary-cap pressures. Heffernan and Blumfield didn't fire a shot after 2001, but Hardwick and Caracella went on to play in premierships elsewhere.

The Brisbane Lions of 2001-2004 also were more seasoned than the Hawks of today, but they had the advantage of that 10% or so salary-cap allowance and were better able to protect their list. Geelong and Hawthorn, having seen the Bombers crash, are planning soft landings.

Hawthorn has already stitched up Franklin and Sam Mitchell — two of its top three performers — until the end of 2010. Luke Hodge is contracted until the end of 2009. Of the players who could cause a stampede from other clubs, only Jarryd Roughead is uncontracted for 2009, and rock-solid Roughy isn't going anywhere.

The Hawks also made what the industry calls "pre-payments" to a couple of players last year. A pre-payment is a slab of money paid a year before it is due. These payments give a club room to manoeuvre in the subsequent years when the squeeze is on. The upshot is that the Hawks will be in a position to acquire a decent player from another club at the end of this season — a player of the upper middle class — a good player who can fill a specific need.

Hawthorn has already shown interest in Fremantle defender David Mundy, who is out of contract and considered some chance to come home to Victoria. Mundy would be a nice fit for the Hawks, who have a hole or two in defence, though he's more of a running third tall back than negating "power" defender they lack.

Alastair Clarkson, Chris Pelchen and about half of the Hawthorn footy department came from Port Adelaide which, interestingly, won the 2004 premiership with three "top-ups" from other clubs in its back six — Hardwick, Darryl Wakelin and Matthew Bishop.

If Hawthorn falls short this season due to shortcomings in defence, don't be surprised to see it trade away its first draft pick for a backman — the Hawks, you may recall, made a strong bid for Carlton's Bret Thornton in 2006, offering two second-round picks.

Jeff Kennett's boys appear well placed to weather the cyclonic impact of the Gold Coast team and its likely decimation of the 2009 and 2010 drafts. But with the premiership window having opened early, their mission might be accomplished by then.

They have given themselves every chance to be what constitutes a dynasty these days: two flags and regular finals over a five-year stretch.