On the eve of his 704th game as coach, having begun as a player in 1972, Malthouse was unrestrained in his assessment of Carlton's opposition on Sunday.
"My count is that 17 or 18 of their players that aren't playing would fit comfortably into a lot of teams, so if they have someone out, someone comes in who is almost as good as them," he said.
"Their depth is as good as I have seen in any football club."
If the Sydney Swans defeat Carlton at the SCG, they will extend their winning streak to 12, equalling the club record set in 1918, 1933-34 and 1935.
Malthouse said astute recruiting and patience rather than use of the contentious cost of living allowance had put the Swans in such a strong position.
"You can have a financial advantage and get it wrong. I think Sydney's recruiting has been very, very astute and very patient," he said.
Talented players including Tom Mitchell, Gary Rohan, Tim Membrey, Kurt Tippett and veterans Ryan O’Keefe and Lewis Roberts-Thompson have played seven senior games or fewer this season, while 10 Swans have played every match.
Malthouse said to be in premiership contention a club needed 33 or 34 players on its list that were good enough to replace others.
And he said it was nonsense to suggest it would take a long time for clubs such as Carlton to create a list deep on talent as long as everyone within the club held their nerve.
"Your side can improve very, very quickly if you're prepared to get it right - don't panic about the results make sure your systems in place are right.
"Fortunately I can rely on experience and say I know how long it takes at clubs I have been at and it is not overly long."
He pointed to the development of Troy Menzel, who was nominated for the NAB AFL Rising Star this week, and the expectation that players such as Patrick Cripps and Levi Casboult would only get better next season.
The Blues are also hopeful recruits Dale Thomas and Sam Docherty would have less interrupted preparations going into 2015.
"We are patient enough to get it right," Malthouse said.
Whether or not Chris Judd will play on to assist in the transition remains an open question.
"If Chris is up to it, it would be great. If he's not up to it we would look at him and say, 14 or 15 years of top quality football," Malthouse said.
Carlton skipper Marc Murphy said on Wednesday he hoped Judd would play on if his body was right.