The first year of the AFL's new free agency era saw the Demons sign dual Geelong premiership player Shannon Byrnes but lose former Best and Fairest Brent Moloney to the Brisbane Lions and Jared Rivers to Geelong.
Free Agents In
| Player | Status | From | Games |
| Shannon Byrnes | Unrestricted | Geelong | 23 |
| Tom Gillies | Delisted Player | Geelong | 2 |
Free Agents Out
| Player | Status | To | |
| Brent Moloney | Unrestricted | Brisbane | |
| Jared Rivers | Unrestricted | Geelong | |
| Received | From | Exchange | |
| Pick 20 Dominic Barry Jesse Hogan | Greater Western Sydney | Pick 3 | |
| Chris Dawes Pick 58 | Collingwood | Pick 20 Pick 45 | |
| David Rodan | Port Adelaide | Pick 88 | |
| Cameron Pedersen Pick 74 | North Melbourne | Jordan Gysberts Pick 63 | |
| Pick 88 | West Coast | Cale Morton | |
| Pick 53 Pick 73 | Brisbane | Stefan Martin | |
2012 AFL National Draft
| Selection | Player | From | Games |
| 4 | Jimmy Toumpas | Woodville-West Torrens | 27 |
| 26 | Jack Viney (f/s) | Oakleigh Chargers | * |
| 48 | Dean Kent | Perth | 63 |
| 53 | Matt Jones | Box Hill | 61 |
| 70 | Dean Terlich | Norwood | 35 |
| 73 | Daniel Nicholson | Rookie Promotion | n/a |
| 88 | Michael Evans | Rookie Promotion | n/a |
2012 AFL Rookie Draft
| Selection | Player | From | Games |
| 3 | Nathan Stark | Glenelg | 0 |
| 19 | Mitch Clisby | North Adelaide | 8 |
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