Eddie McGuire expects Collingwood will need a little time to recover after their AFL preliminary final heartbreak.

While the Magpies president will start thinking about next season as early as Sunday morning, he said grand final week will be hard.

Coach Nathan Buckley called it a wasted season and captain Scott Pendlebury said it felt even worse than last year’s grand final loss when GWS beat them by four points on Saturday in a riveting preliminary final.

“We’re in good shape to go forward, but we won’t be thinking about it for a little while,” McGuire told AAP.

“It’s hard. It’s really hard. But we’ll bounce up tomorrow.

“When the shower hits the back of my head, I will be thinking again of what we can do.

“I’m terribly disappointed and humbly proud of them.”

With mental health an extremely important issue in the game, McGuire said it is critical for Collingwood not to lose perspective.

“If we’re not feeling down now, we’re in the wrong game,” he said.

“We have to dust ourselves off and it will be a very hard week next week.

“There’s been a lot about mental health … the sun does come up tomorrow and hope springs eternal.”

Collingwood came from 33 points down early in the last quarter to nearly snatch an unlikely win.

“I was really proud of the way the boys didn’t turn it up,” McGuire said.

“They literally took us to the last second with a chance to get in there.

“So full marks to the boys for having a crack.”

McGuire said it had been a successful year for the Magpies, with the club cutting their pokie ties.

He also remains hopeful that star ruckman Brodie Grundy will sign a long-term deal and not be distracted by the interest from SA.

“You saw the way he played for the jumper today. Brodie’s a good fella,” McGuire said.

“We have to work it through, but that’s professional football.

“He has to do what’s right for him and his family and hopefully that will be staying here, but there’s plenty of time.”