In the biggest penalty in the game's history, Essendon was kicked out of the finals, handed a $2 million fine and stripped of crucial draft picks when the AFL's ruling was handed down in August.
However, there could be more pain on the way, with the Australian Sports Anti-Doping Authority yet to complete its investigation into the club.
"What has happened to Essendon has been dealt with by the AFL under their rules, nothing to do with ASADA's code or the rules I'm responsible for as president of that body," Fahey told the ABC.
"So I've got to hold my fire until we're finished, until ASADA, a constituent member of WADA, concludes its enquiries and deals with the case in accordance with its code.
"Anti-doping is still under investigation and there will be events there as I understand it that will unfold in the months ahead.
"But that will happen when ASADA is ready."
Fahey said it was possible James Hird could be dealt with by ASADA before his 12-month suspension ends on August 25 next year.
Essendon has appointed Mark Thompson as coach for the entire 2014 season.
Fahey said: "I don't know whether James Hird will be dealt with by ASADA. That's possible before it's all over".
Twitter: @AFL_Nathan
