GWS captain Toby Greene is facing a proposed $20,000 fine for failing to prevent teammates from engaging in inappropriate behavior at a player-only function.

Eight Giants players are also facing potential suspensions or fines for their conduct during the controversial 'Wacky Wednesday' party, which included questionable costumes and skits.

Reports have surfaced indicating that some costumes at the event included references to Jarryd Hayne, a convicted rapist, and players dressed as the twin towers of the World Trade Center.

The incident at the party involved inappropriate skits, including one featuring an inflatable doll, prompting significant backlash.

The GWS Giants acknowledged that some allegations from the event are 'distressing' and contrary to the club's values, while also addressing misinformation surrounding the situation.

CCTV footage of the event has been accessed by the club and the AFL for review as part of the ongoing investigation.

The AFL is conducting an investigation into the function, which took place after GWS's early exit from the finals, and is considering penalties for several players.

The AFL is still deliberating on the potential fine for Greene, with the AFL Players Association also involved in the discussions.

Greene's manager, Paul Connors, acknowledged his client's shortcomings but attributed his behavior to the emotional toll of a recent semi-final loss to the Brisbane Lions.

Connors emphasized that Greene, as the team's leader, 'needed to be better' in handling the situation and the behavior of his teammates.

As the investigation unfolds, players are considering whether to accept or challenge the proposed fines and suspensions.

The penalties, including possible suspensions for some players, are expected to be announced by the end of the week.