Ron Barassi's status as an official AFL Legend is measured by his premierships.

Four as a coach, six as a player. It's even in his signature Ron Barassi "17410", which refers to 17 grand finals for 10 wins.

Mick Malthouse is a two-time premiership coach, with West Coast in the 1990s. Saturday will be Malthouse's sixth grand final as coach and third with Collingwood.

A win over St Kilda would give Malthouse not only a special place in the hearts of Collingwood fans but it would confirm the 57-year-old as a coaching great.

But Barassi doesn't quite see things that way.

"In the end, most people judge the coach on the fact that they're premiers. It's simplistic," Barassi told AAP on Tuesday after being named an AFL Coaches' Association "coaching legend".

"Mick's record over the years, if he's not a great coach, he's certainly not far from it.

"That's a clear thing."

Collingwood's tally of 14 premierships has come only at a trickle in the past half-century.

The Magpies nailed six premierships in the 1920s-30s including a record four in a row in 1927-30. They have claimed only three since, in 1953, 1958 and 1990.

Barassi says the 2010 minor premiers are the best Magpies team for more than 70 years.

"They were a good side at the beginning (of the year) but they've just got stronger than ever," said Barassi, 74.

"They're the best Collingwood team since the 1920s and 1930s. That might sound a hell of a statement.

"But when you think back, they haven't had many great sides.

"They've won two or three premierships in that long, long period (since), but they were never a great side.

"They are the best side since those days."

Barassi, who was part of Melbourne's beaten grand-final side in 1958, agreed the Magpies had "pinched" a flag.

"They did, no doubt. They were the best on the day, they weren't the best over the year," Barassi said.

"The other couple of premierships they won, they were one of two or three good sides on the year. It wasn't a dominating thing.

"This side probably dominated the second half of the season.

"Their even spread of talent, their discipline, their coaching.

"It's a thing initiated by the coach but you need the players to carry it out and for them to believe in it and do it."

Malthouse is approaching his sixth grand final in 27 years as an AFL coach and says his nerves haven't improved.

"Probably worse as far as nerves go," Malthouse said.

Malthouse won the AFLCA's coach of the year award this week.

"I'm so rapt. It's one of the greatest awards I've had in 39 years of football," said the former tough back pocket who played 174 matches for St Kilda and Richmond from 1972-83.

Malthouse watched an on-screen tribute to current AFL coaches including himself before telling the 500-strong audience: "I look at those photographs and I think why do we do it?

"The strain on the face is enough to turn people off coaching," he said.

Malthouse will hand over to his assistant Nathan Buckley at Collingwood after the 2011 season.

Team GWS mentor Kevin Sheedy says the joy in his coaching career so far has come down to two hours after each of his four Essendon premierships. That means for Malthouse, he has had just four hours of fun.

"If you say it like that, it's a very poor return," Malthouse said.

"I don't know if it's actually enjoyable at the end of it. It's more relief, an enormous amount of relief that you've been able to climb the mountain and put the flag in."

A Collingwood victory on Saturday would make Malthouse, a premiership player with Richmond in 1980, the third person to win flags with three clubs.

The others are Barassi (as a player with Melbourne and coach with Carlton and North Melbourne) and Leigh Matthews (as a player with Hawthorn and as a coach with Collingwood and Brisbane).

"Well I can hardly be said in the same breath as those two," Malthouse said modestly.

Sheedy says Malthouse is due another two hours of "fun".

"Micky Malthouse deserves to win the premiership," Sheedy told AAP.

"He has coached for a long time and put a lot more effort in than most coaches.

"Micky has been working his heart out as a coach in the AFL, 16 years with no premiership.

"It's a bloody good effort.

"People never understand the life of a coach."

But Sheedy says the problem for the Magpies is the Saints are coming off a grand final loss.

"St Kilda will have done a lot of soul-searching after getting a kick in the guts last year. This is what makes great opportunity and an exciting grand final," Sheedy says.

Barassi says a St Kilda flag would be a fairytale result, given that the Saints have won only one premiership back in 1966.

"I live in St Kilda, my wife barracks for St Kilda, and St Kilda need it more than Collingwood," Barassi said.

"So I would love to see St Kilda win.

"If all else fails, I usually like to see the team that has done the best over the year to win and that's Collingwood."

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