COLLINGWOOD has a decision to make.

Does it stick or twist in 2020?

There's no doubt its current crop is good enough to challenge for a premiership.

It was one solitary kick away from claiming that elusive flag last season, while it was one poor third quarter away from being in a position to challenge once again this year.

But its preliminary final exit on Saturday evening leaves the Pies facing a tough choice.

GIANTS STRIVE FOR HISTORY Full match coverage and stats

Do they need to reinvent themselves to take that next step? And if so, how can they do it?

As of 7.30pm on Saturday night, Collingwood found itself as one of 16 sides now left with the challenge of considering how it improves this summer. It's a unique task that the Magpies face and one they might find more difficult than most given their situation.

They have a tight salary cap squeeze next year, with four of their most important and influential players uncontracted beyond season's end, at the same time they are without blue-chip draft picks.

Should Collingwood decide to retool and rejig, bold and difficult decisions in regard to its current list might need to be made, while creative ways of bringing in new blood will need to be found.

WHO'S HANGING UP THE BOOTS? Your club's retirements and delistings

Veteran duo Daniel Wells and Tyson Goldsack have already called it quits. Ben Reid and Lynden Dunn – both over 30 and with questionable injury records – might soon follow suit.

Will Ben Reid be at Collingwood next year? Picture: AFL Photos

It leaves livewire forward and free agent Jamie Elliott – courted by Melbourne and with plenty still to give at AFL level – as the key player Collingwood might have to part with, purely in order to give itself some wriggle room to improve in other key areas of the field.

It won't start at November's NAB AFL Draft until pick No.34 – having parted with its first selection to secure Dayne Beams from Brisbane last year – though could earn another pick should Elliott depart, depending on the length and value of the contract he finds elsewhere.

AFL TRADE HUB All the latest news

Whether the Pies hold on to such potential picks, or give them up, is another question.

On Saturday's evidence, they need key-position forward depth. Mason Cox was injured, though has had his consistency questioned at times this year, while the duo of Reid and Brody Mihocek failed to provide a genuine four-quarter threat throughout the encounter.

Together, they combined for just six disposals all game.

But how the club manages to find that depth, internally or from elsewhere, is a mystery.

Then there's the other option on the table. Nathan Buckley sticks with what he's got, hopes for better luck with injuries and goes again with the same group. Even that has its challenges.

Brodie Grundy, Jordan De Goey and Darcy Moore will be the most lucrative trade targets on the market throughout next year, given all three are uncontracted beyond season 2020.

Darcy Moore was sensational but ultimately disappointed on Saturday. Picture: AFL Photos

Grundy has already spoken publicly of the lure that a return to his home state of South Australia presents, De Goey has attracted offers in excess of $1 million per season before, while the Western Bulldogs have already signalled their interest in trying to poach Moore.

Already facing a relatively tight salary cap squeeze as it is, the task of keeping them was laid bare in August when AFL.com.au reported that industry sources believe the Pies will need to find an extra $650,000 to $750,000 in their budget to retain all three of the important trio.

Then there's captain Scott Pendlebury, who is also out of contract next season.

A number of other key stars are locked away for their best years, while the list itself is young enough, talented enough and resilient enough to launch another flag tilt in 2020.

Finding that something extra is where the challenge lies.

Is it natural growth from the youngsters? Is it the pain of last year's Grand Final and this season's preliminary final providing the current crop with additional motivation? Or can the list management team conjure something special during the AFL Trade Period?

Regardless, it makes Collingwood's summer situation fascinating to watch.

Find Road to the Draft on Apple Podcasts, Google Podcasts and Spotify.