Brisbane's dual Brownlow medallist Lachie Neale and GWS captain Toby Greene respectively strolled to Collingwood and Geelong after free agency opened on Friday, courtesy of their unrestricted status.
Port Adelaide superstar Butters and Gold Coast key forward King face a longer wait as restricted free agents.
The Power can match any bid for 26-year-old Butters, who nominated the Western Bulldogs as his preferred destination over Geelong, and will want more than the first-round compensation they would otherwise garner.
As league-wide haggling ramps up when the trade period opens on Monday, the Bulldogs may well have to get creative at the negotiating table to satisfy Port.
Gold Coast have similarly canvassed matching a rival bid for King when Hawthorn officially come knocking for the Victorian spearhead.
A bid on Butters or King would generate band one compensation, currently valued at pick five for Port and pick seven for Gold Coast.
Complicating matters, Hawthorn is making another dash at Merrett after Essendon sensationally rejected offers for the gun midfielder in 2025.
The Hawks hold a respectable draft hand, with four draft picks between 15 and 33 on top of future first-round selections in 2027 and 2028.
Merrett, who turned 31 on Saturday, is entering the final year of his Bombers contract and clinched a seventh club best and fairest award after a disastrous two-win season.
With Butters and Merrett spurning Geelong's advances, the Cats have shifted their focus to injury-plagued Essendon defender Jordan Ridley, contracted until 2029, and St Kilda ruckman Rowan Marshall.
St Kilda asked for a player in exchange for Marshall after the contracted 30-year-old requested a trade away to the Cattery for a second straight season.
The Cats were not keen to entertain giving up young half-back Lawson Humphries but talks for Marshall remain ongoing.
In other wheelings and dealings, Gold Coast is expected to trade a late pick for Collingwood veteran Scott Pendlebury if King walks as a restricted free agent so as not to dilute their compensation pick.
Dumped GWS forward and 2024 Coleman medallist Jesse Hogan is also expected to join Collingwood for a late pick rather than waiting for delisted free agency.
Carlton are reportedly trying to prise contracted half-back Lachie Whitfield out of GWS, while trade speculation surrounds Nick Blakey after he and four other Sydney Swans players were banned on the eve of the finals.
Brisbane premiership winger Sam Marshall is eyeing a trade to St Kilda, Luke Pedlar wants a rare switch from Adelaide to Port Adelaide, and Geelong midfielder Jack Bowes is trying to get to Essendon.
Jack Viney, Melbourne's 2021 premiership vice-captain, on Thursday said a deal would be done after he met with West Coast.
Demons coach Steven King told the 32-year-old midfielder he was likely to be on the outer next season despite having two years remaining on his contract.
The free agency period ends on Friday, while the trade window wraps up on October 14.
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