The Swans have also dismissed speculation they need to ship out more players to accommodate the former Hawk, who was officially unveiled in the club's colours on Wednesday.
It took a nine-year deal to secure Franklin's services, meaning he will be 35 in the final season of the extraordinary contract.
Following its review of the deal, the AFL announced the Swans would be liable for the entire cost of the agreement as part of their salary cap, regardless of how many years Franklin actually plays.
Swans chief executive Andrew Ireland, who brokered the deal with Franklin's manager Liam Pickering, has every faith the deal will benefit the club.
"There's a degree of risk," Ireland said.
"I think if you looked at it, most people in a free agency state who would be trying to secure someone like Lance would say a six-year deal is something reasonable.
"So we see if there is some risk, it would be the years after that.
"But he's very keen to play footy, he loves his footy, we think he will be playing at 35.
"We think there's no reason not to think he'll still be playing."
While many have savaged the Swans' cost of living allowance, believing that has facilitated the deal, the club insists the players no longer on its list gave it the room to sign the four-time All Australian.
Premiership-winning trio Jude Bolton, Marty Mattner and Mitch Morton have retired, while Shane Mumford has taken a big-money offer from cross-town rivals GWS.
Jesse White intends to leave and has been linked with Collingwood. There is also some doubt surrounding off-contract duo Tony Armstrong and Andrejs Everitt's futures at the SCG.
Ireland says no other Swans need to leave.
"There are no other players on our list that we need to move out for Buddy to come in," he said.
Franklin will be on well under $1 million per season in his initial years at the Swans.
The contract has been weighted to cover for the likes of Adam Goodes and Ryan O'Keefe until they retire, as well as juggle the hefty contract for Kurt Tippett.
"In terms of the nine-year deal, we obviously had to come up with a deal that would suit Lance and … we needed some assistance with the front end of the contract," Ireland said.
"The Hawks also could've matched the offer, so we had to come up with a contract we thought they might not match.
"We're very, very confident that it's a fair contract for Lance and, if he plays the way we think he will, it'll be a really good contract for the Sydney Swans."
