The AFL and players' association have been in talks for months about how the code should be developed, with some critics calling for zero tolerance.
But the players' association, who approved the creation of the code in 2005, are determined that it stay primarily a welfare and health policy.
"We want to make sure we have the policy that is fit for purpose for '25 and beyond and it's a policy that has buy-in obviously from the AFL, the players' association, our clubs and our playing group," Dillon said on Tuesday.
"We will take the time to make sure that it's right."
The revised illicit drugs policy - separate to the standard anti-doping policy - will be a key responsibility for Laura Kane.
Kane was a big casualty in Dillon's executive shake-up announced last Friday, with her football operations role split in two.
Current Brisbane CEO Greg Swann will join the AFL and become the new head of football performance, while Kane will be in charge of football operations.
Her portfolio will now include operations for the AFL and AFLW, the strategic growth of the AFLW and managing the league's mental health and healthcare unit.
"Laura is a valued member of the executive team - she has an incredible portfolio, a big portfolio in front of her now," Dillon said.
"What I've said is we want to make sure we have a structure that allows the AFL to continue the momentum we have, into the future.
"She's done amazing work in the three years she's been at the AFL. What we have now with Greg coming in looking after the football performance, Laura continuing to run football operations - football is at the core of what we do.
"She has a really big and important role and she's excited by the challenge in front of her."
Another major change to Dillons' executive team is the imminent departure of Indigenous and inclusion manager Tayna Hosch.
Also, her role, which includes gender, will be folded into the corporate affairs portfolio.
"Tanya, in her nearly nine years at the AFL, did an incredible amount of work in this space," Dillon said.
"We have incredible leaders across all tiers of the organisation - Denise Bowden, who's just joined our commission, an Indigenous advisory council that's working really well.
"What we will have is more leaders and more voices across the organisation. Our commitment to our inclusion is as strong as it's ever been."
Dillon is also days away from appointing his chief operating officer.
Club chief executives Tom Harley (Sydney), Ameet Bains (Western Bulldogs) and Simon Garlick (Fremantle) are the key candidates, while there is speculation Melbourne Cricket Club boss Stuart Fox also might be in the running.
While Dillons' executive changes follow months of growing concerns about how the AFL is performing, he is bullish about the league.
"What the announcements from last week do is ensure we can continue the momentum we have and make sure we're set up for success going into the future," he said.
Dillon was speaking at the announcement of free admission for children under 14 later this season.
Select games will feature the initiative in rounds 16-19 and all Victorian games will be free for kids in round 21.
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