Hawthorn captain Luke Hodge has taken a major pay cut and will probably relinquish the club captaincy he has held for six years in his call to play on in 2017.

With the Hawks looking to play a significant role in the forthcoming trade period, and with the removal next season of the veteran's allowance, all three club elder statesmen who announced contract extensions this week have made financial sacrifices with Hodge having virtually cut his 2016 wage in half.

Jordan Lewis remains poised to replace the three-time premiership captain having been strongly considered for the role alongside Jarryd Roughead at the end of 2015.

The Hawks' leadership aspirants also include Isaac Smith with emerging leader Liam Shiels tipped to move into the leadership group.