Influential Collingwood greats are lining up to criticise the club's coaching succession plan, with Tony Shaw provocatively declaring the Magpies should shred a five-year deal offered to Mick Malthouse now the veteran senior coach has not ruled out heading to another club.

Malthouse will lead the Magpies this year and next before stepping aside for assistant Nathan Buckley after the pair and president Eddie McGuire reached a landmark hand-over deal last season.

Malthouse then has the option of becoming a coaching director until the end of 2014, an as-yet undefined role which could become awkward if Buckley feels he doesn't have full control as senior coach.

Now in his 11th season as Magpies' mentor, Malthouse, 56, recently didn't rule out in an interview with Damian Barrett on The Footy Show that he could yet accept offers from rival clubs and leave after the 2011 campaign.

Shaw, the Magpies' last premiership skipper, told backpagelead.com.au Malthouse's comments meant his five-year deal should now be terminated.

"For us to offer Mick a five-year deal, with three years after he finishes coaching, and now he has come out and said he might even be a senior coach again, well, we should pull the offer," he said.

"It's just jobs for the boys.

"Five years is a joke. It's just like a retirement fund."

Mick McGuane, a fellow 1990 premiership hero and two-time club best and fairest, said the Magpies had failed to follow the "right processes" in appointing Buckley.

"I didn't agree with the decisions the club made. I just think the landscape changes in footy weekly rather than two years' time," he said.

"As much respect as I have for Bucks, they should have made him go through the right processes of being an assistant, finding out whether he was cut out for it.

"It was probably made on reputation and footy prowess that he was automatically going to be a good coach."

Before the deal with Buckley, labelled by McGuire as "wonderful", was finalised last year, Malthouse had said he could coach well into his 60s.

If he wants to continue in that role - and he clearly is still at the top of his game - opportunities surely will abound as 11 coaches could be out of contract after the 2011 season.

Shaw said the club would find itself in a "ridiculous" position if Malthouse led the Pies to their first flag since 1990 and second in 50 years.

"If we got a premiership in the next two years, he should get another three years," Shaw said.

"It's just ridiculous."

McGuane suggested Buckley could be on a hiding to nothing when he takes over.

"The biggest question that remains unanswered at this stage is, if Malthouse happens to win a premiership in 2010 or 2011 and the baton does get handed over to Bucks and Bucks goes from a premiership team of 2010 or 2011 and they slide, what happens? Would they be happy?" he said.

"As we know in any competition, it's hard to stay at the top."

The coaching dilemma has had officials at several clubs talking, and was discussed by BPL senior columnist Tim Lane this week in "Full-throttle Magpies a wonder to behold".

In lieu of the Magpies' scintillating win over the Western Bulldogs in round one, confirming their legitimacy as a premiership contender, Lane wrote:

"This time last year the question confronting Collingwood president, Eddie McGuire, and his board was: what are we going to do?

"Following Sunday's blindingly brilliant win over boom team the Bulldogs, the Magpie administration might be wondering whether this year's question will be: what have we done?"

Buckley spent two years working in the media and coaching an AFL-AIS academy side after ending his decorated playing career in 2007.

He rejoined the Magpies this season as an assistant and forwards coach but, according to Malthouse, has "got a lot to learn" and isn't yet ready to be the No.1 man.

Shaw said those comments were another concern, particularly as Buckley had spent eight years playing under Malthouse.

"What happens if Mick says half-way through next year he (Buckley) is not ready. Where does that leave Collingwood?" Shaw said.

"Buckley should have gone away for two years, then come back. He can't learn any more under Mick Malthouse."

Shaw ended his playing days in 1994, spent the next year as an assistant under then Magpies coach Leigh Matthews and then took charge for four unsuccessful seasons - a decision he regrets.

"You are not going to learn a lot if you stay but if you go away and get another coaching job, that would be better," he said.

"I should have done exactly the same. I should have gone to Carlton instead of going back to Collingwood (in 1995), having a year under Leigh, then taking over.

"It's just something that stands out taking my own circumstances into account."