Collingwood president Eddie McGuire says his colourful digs at Greater Western Sydney do not mean he underestimates the Giants' importance to the AFL.

A falafel was Collingwood president Eddie McGuire's peace pipe as he stood next to Greater Western Sydney coach Kevin Sheedy on Wednesday and declared the Giants' establishment as big a step in Australian Rules football as the formation of the VFL.

Sheedy's serving up of a plate of falafels to the Magpies boss in front of television cameras at a GWS business lunch in central Sydney was in keeping with the theatrical nature of the war of words that has been carried on for months between the AFL heavyweights.

McGuire earlier this year tagged western Sydney "the land of the falafel", a cheeky dig at the area's cultural diversity and said recruits would not want to stay there long.

Last week he went further, saying if the Giants poached Magpies star Scott Pendlebury when he comes out of contract next year, McGuire would go "feral" on them in retaliation.

McGuire toned down the trash talk on Wednesday, saying humour in football often got lost in translation.

But he took a serious tone to emphasise the Giants' importance to the game, saying the financial and player sacrifices existing clubs were making were worth it to ensure their establishment was not a "disaster" like the early days of the Brisbane Bears and Sydney Swans.

"Next year, because of the inception of Greater Western Sydney, some 750 kids in Australia can live in Australia and earn an average of $300,000 a year," McGuire said.

"It's very hard to get that in a lot of sports.

"... Greater Western Sydney is as important an expansion for AFL football as the day when the VFL broke away from the VFA back in 1896."

But McGuire added that would not stop him delivering more jibes and trying to poach Giants players.