Swan let loose the colourful personality and humour that, as he acknowledged, did not always shine through in his 14 seasons when he sometimes found himself on the front pages of papers for the wrong reasons.

The 32-year-old was in fine fettle on Tuesday, firing off one-liners from the moment he was called to the stage at Collingwood HQ to listen to tributes from club president Eddie McGuire, his father Billy, and past and present coaches Mick Malthouse and Nathan Buckley.

"A pretty big crowd for a one-year deal isn't it? Thanks for that," said Swan when asked what his announcement was all about.

He then confirmed what everyone already knew: "Obviously my time's up, so I'm retiring. That's the big announcement, so thanks for coming and see you later."

Swan said he came to the realisation a few weeks ago that the foot injury he suffered against Sydney in the first round this year would force him into retirement. He suffered a Lisfranc rupture, broke three bones in his right foot and fractured his fibula and has yet to test it with an outside run or even a kick of a football.

"I just couldn't trust my foot to go round anymore," Swan said. "It was right in my gut that I needed to go. I'd rather die a hero before you live long enough to be the villain."

"I don't know if it's mental, but it feels like, if I kick a footy, my foot will smash into a thousand pieces. The surgeon assures me that won't happen, but it's that mental block."

Swan is a three-time club best and fairest, a five-time All-Australian and the 2011 Brownlow medallist. For McGuire, he is one of the Pies' greatest players and "the player of his generation".

Billy Swan, who had a successful VFA career, admitted he had not thought his son would "reach the heights that he did", to which Swan interjected with a "thanks dad".

"He was always a reasonable junior player, but wasn't a world-beater and around the 13, 14, 15s he was playing against the Luke Balls, and the Luke Hodges and the Chris Judds," Billy Swan said. "At that age they were much better."

Swan broke in again to add: "Not much has changed".

The uncertainty about Swan was reflected by the Pies selecting him as a relatively low draft pick No.58, but Malthouse said any concerns were suppressed by his ability to get the ball. Malthouse also mentioned how Swan was one of the few players who was too busy getting on with the game to bother arguing with umpires.

"That's how you win Brownlows, Mick," Swan said.

Buckley said Swan "wouldn't want to give the impression he actually cared or tried", but he was one of the hardest workers at the club and had an ability to "push himself into zones others couldn't match".

So what was his favourite 2010 premiership moment? In typical style, Swan said it was when the team gathered on the MCG after the replay win against St Kilda and with cleaners going about their business in the stands and seagulls gliding around them, the players told what the flag meant to them and then belted out the team song.

But after that "the alcohol kicks in and it's a bit hazy for the next six months".

Asked how he would liked to be remembered, Swan replied: "Just someone who gave their all and just enjoyed being around his mates. That's what I'm about."