The Western Bulldogs have revealed that premiership hero Tom Boyd gave up $2 million from his lucrative contract after he retired earlier this year.

Boyd left the game in May with two years still to run on his multi-million dollar mega-deal signed at the end of 2014.

Bulldogs President Peter Gordon and football director Simon Garlick confirmed Boyd had given the club back the large sum during the club's award ceremony on Wednesday night.

During the evening, Boyd was honoured for his role in the 2016 Bulldogs drought-breaking premiership with a life membership.

While often struggling for consistency and form during his 61 game AFL career, the 24-year-old was one of the best players for the Western Bulldogs on Grand Final day.

Boyd booted three goals for the Bulldogs on the day and will most likely be best remembered for his 60-metre goal in the last quarter.

While Boyd's Grand Final day performance was certainly one of the highs of his time as a Dog, the former number one pick called time on his career citing the pressures and stresses of AFL football as being too extreme.

Boyd told the audience of 1,300 at the Charles Sutton Medal that retirement had helped with his mental state.

"Through my football journey I've lived some of the most enjoyable experiences and some of the most challenging and I wouldn't change a bit because it has obviously led me to where I am today being as happy and comfortable as I have ever been in my life," Boyd said at Crown Palladium.

"I'm as well rounded a person as I ever have been and I've never known more about myself as I do as I stand before you today."

Boyd also used his speech to thank those who had supported him during his AFL journey.

"To all my supporters over the years, never understatement the power of a positive message that you give someone, whether it be a player or another member of the community," said Boyd.

"Every time one of you has walked past and given me some encouragement or adulation it has been well received and deeply enjoyed by myself and the people around me."

Also during the evening, the Bulldogs honoured retired premiership players Liam Picken and Dale Morris along with long-serving club doctor Jake Landsberger.

Marcus Bontempelli won his third Charles Sutton Medal at the conclusion of the night, ahead of Josh Dunkley and Jack Macrae.