The World Anti-Doping Authority has reaffirmed one of the substances in question, AOD-9604, is banned but despite zero tolerance rules, Demetriou insists the Bombers won't necessarily face automatic bans.
"I don't know the answer to that," Demetriou told radio station 3AW.
"In the policy exemptions you can have reduced sentences, for example, for no fault or for giving assistance," he said.
"There's a zero tolerance policy, but this is a very complex situation. There are extenuating circumstances as this investigation continues to unfold."
Demetriou has also called on controversial sports scientist Stephen Dank to speak with the Australian Sports Anti-Doping Authority investigators.
"I think he's spoken to enough people, particularly through the media, that it doesn't make sense that he shouldn't speak to ASADA."
"I don't see any reason why he would resist speaking to ASADA."
As Essendon players continue speaking with investigators, he gave the strongest indication yet that the AFL was becoming more optimistic about the outcome.
"I think ASADA and the AFL are pleased with the way the investigation is unfolding," he said.
Demetriou also slammed speculation the AFL had approached Sydney Swans premiership coach Paul Roos about taking the reins at Melbourne.
"It is complete and utterly garbage," Demetriou said.
"No one at the AFL has ever spoken to Paul Roos about Melbourne, it's not our role to find the Melbourne Football Club a coach."
Demetriou confirmed the possibility of an all-indigenous team being sent to Ireland for this year's International Rules series, but said it was just an option being canvassed.
Matt Thompson is a reporter for AFL Media. Follow him on Twitter @MattThompsonAFL
