Collingwood and St Kilda have been handsomely rewarded for last week's drawn AFL grand final, with the clubs awarded $850,000 each for the match plus an additional $500,000 for the inconvenience it has caused.

And the financial rewards will only continue, with the winner of Saturday's replay to receive $1.1 million and the losing club $600,000.

Of the $1.7 million allocated to Collingwood and St Kilda for last week's epic draw, the playing groups from each side will receive $425,000 each.

The prizemoney for players will be split across the playing list according to the number of games played this year.

Each club will also receive an extra $500,000 each - partly funded by broadcaster Channel Seven - to cover the cost of rescheduling best and fairest award nights and covering any other additional expenses caused by the draw.

"It is important that the players who put on the show also receive a benefit from the replay and we believe this will benefit all players that have played a part in the two teams reaching the grand final," AFL chief executive Andrew Demetriou said.

The AFL will also make a contribution of $100,000 each to four charities supported by the AFL and its players.

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