AFL chief Gillon McLachlan reckons Sydney will finish on the right side of their nine-year deal with Lance Franklin and his code is lucky to have such a physical specimen.

Franklin started his fifth year with the Swans in sensational fashion, with an eight-goal haul against West Coast at Optus Stadium on Sunday.

McLachlan was among those in attendance who marvelled at the performance of the forward, who at 31 looks as good as any stage of his career, which has entered a 14th season.

"Having seen him play first hand on Sunday I think they should extend it (the deal)," McLachlan quipped.

"We're lucky to have a player like Lance Franklin playing our game. He's a physical specimen like I haven't seen.

"He's playing as well as ever and I reckon (Swans CEO) Andrew Ireland and (chairman) Andrew Pridham would be smiling now. They look like they are going to be the right side of the deal.

"There was a moment there when he was running the ball on the flank and to see a guy that size, that fast and that athletic, it's just rare to see that in international sport."

Franklin has given Sydney value for value for money despite the Swans having not won a premiership since he joined.

He has topped Sydney's goal-kicking list in all four seasons, winning two Coleman Medals and ensuring the code gets its share of publicity in a fiercely competitive sporting market.

McLachlan feels an all-Sydney grand final between the Swans and Giants could happen this season.

"I think it would be amazing for the game," he said.

"We got close to that prospect last year and I don't think it's a remote possibility.

"If it happened and they were the best teams then I think that like every non-Victorian team that's been there before, people would celebrate how national we were."