After stressing a reluctance to trade two-time Coleman Medal winner Charlie Curnow throughout the trade period, Carlton eventually shook hands with the Swans on a deal that netted the Blues three first-round picks and Sydney forward Will Hayward, with a handful of other draft selections involved.
The Blues were firm that Curnow wouldn't be traded unless the right deal was tabled, and with Sydney parting with their next three opening selections and a contracted asset who would cost a rival a top 20 pick in a trade, Carlton saw the deal as one they couldn't pass on.
For the Princes Park club, they added to a long list of ins and outs, having added a potential first-string ruckman in Liam Riedy, a former first-round pick in Campbell Chesser, a best 23 player in Ben Ainsworth and Hayward's teammate Ollie Florent, who can add some run to a side that lacked drive from the back half in 2025.
The three first-round picks have Carlton well-placed for the long haul, adding to Pick 9 for November's draft that will see them add Harry Dean as a father-son pick. The key defender will be a key piece in the Blues' plans for the future, coming to the club a year after they secured Jagga Smith and 12 months prior to Cody Walker's arrival.
The profile of Carlton's draft planning might suggest they're undergoing a minor rebuild, but the players they've recruited are ready-made assets who can help from Round 1 next year.
Those five fresh faces move the needle towards a September return is unlikely though, with Curnow, Tom De Koning and Jack Silvagni all departing after holding key roles in Carlton's spine.
The Blues can still consider themselves a 'winner' from the Curnow trade, and the Swans can too, having gone chips in on a return to premiership contention in continuing their trend of luring the game's best key forwards to the Harbour City.
Sydney also exited the trade period with a draft hand that should have them in a position to in line to match bids for Academy quartet Max King, Lachy Carmichael, Noah Chamberlain and Harry Kyle, who will be insurance for their long-term prospects.
The Swans will still need to settle trades come draft night to bank extra points if they're keen to list all four prospects, with Carmichael and King potentially earning bids late into night one of the draft.
So while Sydney and Carlton are both winners from the Curnow trade, there is still a loser...
Michael Voss enters 2026 with a list that's probably a step back from what he had in 2025 - a year that saw the Blues finish 11th on the ladder with just nine wins to their name.
Carlton backed in the under-fire coach for next season, which will prove to be do-or-die for the champion footballer.
What is curious is whether the marker for a successful season next year has changed at Carlton, which has lost three key players and one of their best front-half threats in Corey Durdin.
Finals were likely the benchmark before the trade period, and very much may still be despite the list changes that have come since the cessation of their recent season.
If a September showing decides Voss' future, he's facing an uphill battle. All eight 2025 finalists are likely to be better placed than they were this year through either aggressive trade and free agency moves or extra reps in the legs of what is a young cohort.
The Western Bulldogs will remain in the hunt, while Sydney have rocketed into top four contention off the back of their trade with the Blues.
St Kilda, who finished one rung lower than Carlton, are likely to surpass Voss' men, while expectations of improvement will again be high at North Melbourne and Essendon after years of the finals frame.
So will Carlton set finals as a defining result for Voss? If not, what is a pass mark?
Carlton can't afford to tread water for another year, and certainly can't sit on their hands as the coaching landscape potentially offers the names of John Longmire, Adam Simpson and Ken Hinkley prior to Tasmania's arrival.
