COLLINGWOOD president Eddie McGuire has described Thursday's equalisation meeting as "a huge day" for the future of the AFL.
Equalisation talks are underway at AFL House and are expected to last all day.
The equalisation sub-committee, of which McGuire and AFL Chairman Mike Fitzpatrick are members, is looking to finalise a plan to present to all clubs at next week's AGM in Adelaide.
"Today's a pivotal day. We just have to make sure we get the right things for everybody so everyone can flourish in the competition," McGuire said as he arrived at League headquarters for the meeting.
"It's a huge day because we'll set the framework for the future of the competition going forward.
"We'll have some robust debate I'm sure and hopefully we'll get to an outcome."
Hawthorn president Andrew Newbold said it was impossible to predict the outcome of Thursday's talks.
"Not really sure, it's going to be a long day, so we'll see how we go," he told AFL.com.au.
"It's still early days, we've got a bit of work to do," he said.
He played down the potential for fireworks.
"It's always pretty constructive. You know Eddie's pretty passionate as we all are about why we're here," Newbold said.
"I think everyone knows how to behave and we'll be fine."
The AFL is looking to introduce a range of measures essentially taking money from wealthy clubs and reallocating it to those in need.
Among the proposed measures is a tax on football department spending, whereby a club is taxed 50 cents from every dollar they spend above a cap.
Another possibility is an overall revenue tax, where a percentage of a club's takings above a certain amount is pooled and reallocated.
McGuire recently criticized the proposed taxes, likening them to stripping a retiree of their savings.
"You work all your life, you've got your family and you've got your assets in play… and I come in and say, 'That's good, but I'm going to take three quarters of your money off you… and give it to the blokes who have been cheating down the road, not going to work, have been sitting on the porch smoking a cigar"," McGuire told Triple M radio on Wednesday.
"I'm going to take that money off you for the simple reason that you've worked hard and you've done well."
The subcommittee will also discuss controversial Cost of Living Allowance (COLA), which allows Sydney-based clubs to pay an extra 9.8 per cent above the salary cap.
The Swans have come under fire for their use of the allowance after snaring both Kurt Tippett and Lance Franklin on big-money deals.
Giants chief executive Dave Matthews told AFL.com.au his club still required the allowance given it is still establishing itself, but that its cross-town rival had brought scrutiny of the COLA on itself.
"We think there's a valid cost of living difference, but clearly it's under review and we think that's appropriate," Matthews said.
"I think really the issue at the moment stems from how it's been applied and how it's potentially been used by the Swans.
"It’s really up to the Swans to defend cost of living.
"I think they're the ones that have put it in the frame and led to it being under further scrutiny.
"We'll leave them with that argument and we'll argue on our own merits."
Along with proposed luxury taxes, the AFL is also understood to be pushing to abolish the veterans' allowance.
A number of clubs raised concerns with AFL.com.au on Wednesday about a proposed scrapping of veterans' payments, claiming it risked prematurely ending players' careers.
