Swan appeared on the Nine Network's high-rating program in an interview in which he refuted rumours he had an illicit drug problem.
The Brownlow medallist was paid for the appearance – McGuire believes the fee was around $25,000. Clubs can impose maximum fines of $5000 on players, but the Pies president revealed that if he had the power, he would have fined Swan the full amount for breaching protocol in that he failed to inform the club of the interview.
McGuire said he had "no problem whatsoever" with the interview and described Swan's on-screen performance as "fantastic". In fact, he said he had wanted Swan to publicly set the record straight on his lifestyle.
McGuire also said he wasn't trying to stop players from making income outside football, but was adamant that protocols had to be followed to protect the interests of both players and clubs.
In a move to further protect those interests, McGuire announced the Magpies would employ a protocol officer.
McGuire said the theory that he knew about the interview before it took place was a "red herring".
He said he had spoken to Swan about a range of issues, including the recent death of one of Swan's uncles in a tragic work accident, when Swan raised the subject of the interview "in passing". McGuire assumed protocols had been observed.
The president told Swan to have another chat with him before the interview so he could brief the star on what to say, "particularly in the context of where the whole world is at the moment". That follow-up conversation never took place.
"I'll give you the tip now: it won’t happen at Collingwood again," McGuire said on Triple M on Friday. "Every player who does not follow protocol at Collingwood – and I would speak for every club now – is going to get blistered and blistered hard.
"And the fines will go up. The AFL are onto this. It's going to go through the roof because people are snubbing (protocols).
"In fact, if I could make (Swan's fine) 25 grand, I'd make it 25 grand to make the point.
"Protocols are going to be big. It's protocol that got Essendon in trouble."
McGuire also defended himself against suggestions of hypocrisy, given he upset rival club Melbourne last year when he interviewed troubled star Liam Jurrah without club permission.
"The difference was I was invited by Liam Jurrah into his household by both him and his grandmother and his associates, I didn’t pay for the interview, (and) I rang the club and let them know," he said.
Allegations of drugs in football was the subject of some comedy segments on The Footy Show, and McGuire warned the show's co-host, North Melbourne chairman James Brayshaw, to be careful.
"One skit on drugs might have been enough, but by the end of it, on a day when (NRL club) Cronulla and everyone else is getting blown up, it's not that much of a laughing matter," he said.
"And I reckon James has got to be a bit careful. My advice to James would be, 'Let the other guys do those skits. As a president of a club, step sideways on that one'."
