The Magpies are in the box seat to take the minor premiership, beginning round 21 six points clear of second-placed Geelong.
The Pies stand to receive the traditional McClelland trophy, but McGuire says there should be greater incentive for the top-placed side.
“Top of the ladder, it would be nice to have something there,” he told Leigh Matthews in an interview on BigPond Sports Weekend.
“Every president of a team that’s a chance to finish top of the ladder thinks that but something just a little bit extra would be nice.”
McGuire suggested the introduction of a week off between the home-and-away season and the first week of finals, with the majority of awards to be handed out before the finals begin.
“You could announce the All-Australian [side] and make a big deal of giving the McClelland trophy to the top team and maybe a cash prize as well,” he said.
“At the same time you could bring in some merchandising and really make it a big weekend, and even do the Brownlow medal, like it used to be in the old days and make it a Sunday.
“You could get everyone fired up on that first weekend.”
Meanwhile, McGuire conceded the Magpies had questioned their coaching succession plan involving Mick Malthouse and Nathan Buckley.
But he said the plan had enabled the club to avoid a situation like Essendon's, where club legend James Hird has been mooted as a replacement for embattled senior coach Matthew Knights.
“Those things can build up and build up,” McGuire said.
“Having a successful year to this stage has certainly helped in the succession planning.
"[At] round four it was still a way out there experiment and now it’s a template.”
Buckley will complete his first of two years as Malthouse’s main assistant this season.
McGuire said the former skipper would spend the summer overseas “embedded in other top level sports” as part of his apprenticeship.
