COLLINGWOOD has concluded its season with an emotional function where outgoing coach Mick Malthouse said the club was in the process of creating a dynasty.

Malthouse, who announced on Saturday evening he would leave the club and not fulfill the director of coaching role laid out for him as part of the 2009 succession plan, affirmed the future was bright for the club.

"I have a simple philosophy in life - that in an organisation, you're not irreplaceable," he said.

"The best part about not being irreplaceable is you prepare other people within the organisation.

"If you do retire or you go, someone can step into that breach and continue to make the place better - not drop off, not fall away, but better."

An emotional Malthouse also delivered an impassioned speech to the players he now leaves behind.

"From the bottom of my heart, congratulations to our playing list, our coaches, all the people who are associated with the day-to-day running to get that football side up. I cannot express the gratitude I have and the love I have for that group," he said.

"You guys have bled, you've broken your bones, you've sprained your ligaments and tendons, you've had your concussions and you've done it for your teammates.

"It would very, very remiss if I don't say that table there has made me what I am, particularly my wife and kids, they're all here.

"I don't know what to say, I probably should just apologise we didn't bring home the bacon."

Malthouse said his players had no reason to be "embarrassed" about their performances this year.

"We have a group that will go forward," he said.

"Nanette said to me 'don't be embarrassed about telling them you love them' - and I won't say that.

"I will say this - I respect them greatly, I respect the way they go about it, I respect their camaraderie, I respect their friendship, I respect their love of our football club.

"I respect their work ethic, their devotion to want to win, their devotion to their supporters.

"I do not consider myself more important or less important than anyone else in this club."

He was given a standing ovation as he took to the stage, and admitted he was struggling for words in his "unique" situation that would not see him return as coach in 2012.

President Eddie McGuire captured the attention of packed Crown function when he revealed captain Nick Maxwell played three quarters of the Grand Final with a broken knuckle.

But he was at his most expansive when he paid tribute to the man recruited to the club more than 12 years ago. 

He recalled how he told Malthouse then he wanted him to make a permanent mark on the club, and shape the team to follow in his ideals.

"Mick, you delivered more on your promise that we could be the Manchester United of Australia, and they did snigger at us and they probably sniggered at us when we went to Arizona and when we hired lots of coaches and when we moved to the Westpac Centre," McGuire said.

"We didn't have the last laugh but we may yet.

"When Mick had conversations with me, I said to him I want the Collingwood football team to be the image of Michael Malthouse.

"To stand for something, to be of integrity of the highest order, to be ruthless but with compassion, if you can have such a thing and I believe you can in football.

"To have the ideals of sportsmanship and the ideals of what makes a great sportsman and a great sporting club, because that's what I wanted Collingwood to be, what I always envisaged it was as a young boy growing up where I felt something because I was a Collingwood person.

"There's no shame in being beaten by the champions. To be the champions, you have to beat the champions, and Geelong did that today.

"We'll reload and have another crack in 2012."

The views in this article are those of the author and not necessarily of the AFL or its clubs