A number of big-name players have found new homes in this year's Free Agency period.

Former Bulldogs midfielder Shaun Higgins and ex-Carlton forward Jarrad Waite were both snapped up by North Melbourne. The AFL has already declared that no draft compensation would be awarded to the Blues for Waite's exit, while the Western Bulldogs were unable to match the Roos' offer to restricted free agent Higgins and will receive pick No.26 in return.

Unrestricted free agent James Frawley singled out Hawthorn as his club of preference, and officially joined the reigning premiers on Monday. The 2010 All Australian attracted interest from Geelong and Fremantle but will don the brown and gold from 2015. Hawthorn received a first round draft pick as compensation.

Nick Malceski has played his final game for the Sydney Swans, with the skilful defender snapped up by Gold Coast as an unrestricted free agent. The Swans will receive a second round draft pick for losing the 30-year-old veteran to the Suns.

Former teammate Adam Goodes has has indicated that he is likely to continue for one more year with the red and white.

Luke McPharlin is eligible for free agency, but appears set to remain at the Dockers in 2015 after coach Ross Lyon and McPharlin's manager Paul Connors both indicated he is keen to play another season at Fremantle.

Another defender in James Gwilt will continue his AFL career with Essendon as the Bombers trumped Melbourne and GWS to sign the unrestricted free agent. Gwilt, 28, was delisted by St Kilda after 126 games with the Saints.

Much-loved Crow Jason Porplyzia announced his retirement from football and said he is now looking forward to the next stage of his life. One of the most skilled players in his prime, injuries restricted Porplyzia to 130 games from 10 seasons at West Lakes.

Evergreen veteran Dustin Fletcher has declared he will continue his career with the Bombers for one more season. The 39-year-old is likely to join Michael Tuck (426) and Kevin Bartlett (403) as just the third player to reach the 400-game milestone.

HOW FREE AGENCY WORKS

The AFL introduced free agency at the end of the 2012 season, giving players another vehicle where they can transfer from one club to another. Free agency is a common form of player movement in major football and sporting codes around the world.

Under rules agreed between the AFL and AFL Players’ Association in February 2010, restricted and unrestricted free agents may consider offers from rival clubs during the post-season period.

An unrestricted free agent can automatically move to the club of his choice.

An offer to a restricted free agent may be matched by his club, which has right of first refusal over his services. If the unrestricted free agent does not wish to remain with his original club, he must enter the draft or seek a trade.

Compensation in the form of AFL allocated draft picks apply to clubs with a net loss of free agents. This is based on a formula determined by the AFL.

RESTRICTED FREE AGENTS

Players who are in the top 25 per cent of salaries at their club are eligible for restricted free agency the first time they are out of contract, if they have served at least eight years with the club.

Restricted free agents have the right to move to a club of their choice, subject to the current club’s right of first refusal over their services. That is, if the current club can ‘match’ the offer from a suitor club, the player must stay or enter the draft.

UNRESTRICTED FREE AGENTS

Players delisted by a club are unrestricted free agents but a player who retires or delists himself is not eligible to be a free agent.

Players who are not in the top 25 per cent of salaries at their club are eligible for unrestricted free agency if they have served at least eight years with the club.

A first-year rookie not receiving a second-year rookie contract offer is considered a delisted player and therefore is an unrestricted free agent.

A first-year rookie not accepting a second-year rookie contract offer is not considered a delisted player and must nominate and go through the draft.

A second-year rookie not accepting a third-year rookie contract offer is considered a delisted player and therefore is an unrestricted free agent.

COMPENSATION

A club that has a net loss of players transferring to/from other clubs as free agents in one transfer period is entitled to compensation via National Draft picks allocated by the AFL.

The compensation formula produces a points rating for players based on:

1. The new contract of the free agent;

2. The age of the free agent.

Draft picks are allocated to clubs based on the net total points for free agents lost and gained during the transfer period.