Players' salaries took a huge hit during the COVID-ravaged 2020 season but have bounced back over the last two years.
Total player payments rose from $233.9 million in 2021 to a new record of $257.6 million in 2022, with the average salary rising above $400,000 for the first time.
The average was $406,000; up from $372,224 in 2021 and $259,651 during the first year of the global pandemic.
Only 10 players earned less than $100,000 last year, while at the top end, three players were paid at least $1.2 million.
There were 12 players above the $1 million mark, up from just five the previous year.
Individual AFL player salary figures are not released. However Sydney goal-kicking legend Lance Franklin and Brownlow Medal winners Dustin Martin and Nat Fyfe are believed to among those who earned seven-figure sums in 2022.
Melbourne midfield guns Christian Petracca and Clayton Oliver, former Collingwood ruckman Brodie Grundy, Geelong premiership forward Jeremy Cameron, West Coast star defender Jeremy McGovern and reappointed Western Bulldogs captain Marcus Bontempelli are also reportedly around the same mark.
A total of 51 players were paid at least $800,000 in 2022, while 193 of the competition's 659 players received at least $500,000.
Meanwhile, AFL executives received a total of $11.8 million in 2022 - an average of $1.3 million each - compared to $10.4 million in 2019, before the global pandemic.
On Wednesday, the AFL also reported an underlying operating profit of $20.7 million for 2022.
It was a significant improvement for the league, which posted an underlying operating loss of $46.1 million in 2021 after two years riddled with COVID-19 interruptions.
AFL chief financial officer Travis Auld said last year's underlying profit was a "break even" result for the league's budget.
It included partial receipt of the majority of the $225 million Victorian government grant for the Marvel Stadium redevelopment.
The AFL's operating revenue increased by $131.8 million - due to a combination of improved commercial returns from Marvel Stadium, sponsorship and broadcasting - and the league's cash balance at the end of the financial year was $178.2 million.
The balance included $60.2 million payable to the AFL Players Association for a share of revenues captured over the 2017 to 2021 season, which was paid in November 2022.
"Our balance sheet remains strong," Auld said in a statement.
"Despite the significant cash cost required to deliver the AFL and two AFLW seasons, the co-ordinated effort to reduce the industry cost base and protect revenues means the AFL was able to report a cash surplus for the financial year.
"The focus remains on the rebuild and strengthening of the industry balance sheet that will enable future investment in the growth and development of our game from grassroots through to the elite platforms, while still investing significant funding into player mental health and welfare initiatives which remain well above pre-Covid levels.
"We have survived the most challenging three years in the game's history and our priority remains to keep our game as affordable and accessible as possible for all."
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