Geelong has been fined $140,000 for failing to officially let the AFL know about the concussion waiver in Jake Kolodjashnij's contract.
The penalty is $100,000 plus a suspended sanction of $40,000, which stems from the league fining Geelong in October after an investigation into the club's third-party agreements.
The amount will be paid into the AFL and AFLPA Players' Injury and Support Fund.
The AFL brought in James Peters KC to investigate Geelong after the league issued a "please explain" when the revelation about Kolodjashnij's contract broke this month.
Mr Peters found Geelong's failure to lodge the variation was an oversight.
Kolodjashnij, the 2022 Cats premiership defender who has not played since the story broke, returned to training this week ahead of the finals.
Mr Peters investigated the inclusion of a waiver in Kolodjashnij's 2024 contract, which followed several concussions.
"The review found Geelong had given careful and detailed consideration to the risk of Mr Kolodjashnij continuing to play following an uncertain outcome from the AFL Concussion Panel, and consulted extensively with the AFL, club doctors, lawyers, insurers, and Mr Kolodjashnij and his family," the AFL said in a statement.
"It further found there was no inappropriate or improper conduct warranting additional action under AFL rules by either Geelong or AFL representatives and made no adverse findings in relation to the club's decision to enter into an agreement with the player to mitigate its legal exposure.
"It also found that Mr Kolodjashnij was not coerced into signing the letter."
The review found Geelong did not intend to conceal the existence of the agreement or deceive the AFL or AFLPA.
Geelong chief executive Steve Hocking previously defended the deal, saying there was "not a lot" the club would change in how it had dealt with the issue.
The Cats had reached a deal with Kolodjashnij in 2024, requiring him to take all legal responsibility for future brain trauma, so he could keep playing at the club.
On the weekend, current Geelong president Grant McCabe referred to it as a "voluntary assumption of risk" and said there was extensive consultation when the agreement was reached, including with AFL officials.
The revelation had put pressure on Hocking and current AFL chairman Craig Drummond, who was president of Geelong at the waiver was signed.
"Consistent with previously disclosed arrangements, AFL Commission chair Craig Drummond, who was president of Geelong at the time the letter was executed, was not involved in the commission's consideration of the matter," the statement said.
Player agent and anti-concussion campaigner Peter Jess was heavily critical of the decision.
"It goes beyond belief that you play Russian roulette with this guy's brain. It's just simply wrong," he said.
"And if we don't have a sanction to stop it, it sends all of the wrong messages to all the people playing at the grassroots. You just continue to play. You don't have to be worried about your long-term brain health."
The AFLPA responded to the decision, re-emphasising its opposition to the waiver in the first place.
"Jake's wellbeing remains a priority for the AFLPA and we continue to fully support him. Jake should never have been put in this position," AFLPA chief James Gallagher said in a statement.
"Head trauma is the biggest issue facing the game and the health and safety of our members must be the priority at all times.
"We believed the letter was inconsistent with [CBA and player contract] documents and was therefore in breach of AFL rules, which the AFLPA communicated to the AFL and Geelong."
AFL, AFLPA to strengthen concussion network
In the wake of the decision, the AFL announced that it would join with the AFLPA to review the safety nets in place for players, clubs and the wider football industry.
The review would consult with clubs, players and medical staff, and the agenda would include:
Looking at the challenges of commercial insurance protection for players and officials
Increasing the scope of the Injury & Support Fund to cover both current and former players
Establishing clearer protocols for AFL Concussion Panel outcomes
The risks and responsibilities of all involved in football and how those risks can be acknowledged
Increasing education across the football industry on head trauma research, trends and risks
Reviewing data collection practices relating to concussion
In a statement, AFL CEO Andrew Dillon said the Kolodjashnij case had highlighted the challenges for all in navigating legal and risk management issues over head trauma and concussion.
"There is inherent risk for all contact sports globally, and Australian Football is no different, but we want our sport to be a leader in brain health and concussion and head trauma prevention and management," he said.
"That's why we have a comprehensive framework, based on world class medical advice, which has dramatically improved concussion and head trauma prevention, management, and education from the elite level to community football."
AFLPA chief Gallagher said: "Through collective bargaining, the players have advocated for the development and continual growth of the safety net as well as other protections relating to head trauma, and this will be the next evolution of that."
