Collingwood president Eddie McGuire has labelled star players Dane Swan and Travis Cloke "idiots" after explicit videos, photos and texts were reportedly leaked to the media.
Swan sent graphic video, sexually-charged texts and full-frontal nude pictures while Cloke sent nude pictures and a video of him performing a sex act, according to a report in Woman's Day.
The report alleges the material was sent to women who were not their partners, but it is unclear if the players were in their current relationships when they were sent.
"It would seem that somebody's sucked these idiots into sending out photos and as a result they've got them and sold them to the media," McGuire told Triple M on Monday.
Nude photos of Lachlan Keeffe, who is on the club's rookie list while he serves a two-year suspension for testing positive to banned substance clenbuterol, and delisted player Tony Armstrong have also been published by the magazine.
Collingwood said on Monday it was a private matter for the players and they would not take any action.
"The club is aware three currently listed players were involved in consensual exchanges of messages + pictures via Instagram," the club tweeted.
"The exchanges have been on sale to media outlets for some time + as a result have been obtained + published by a media publication."
McGuire said he didn't believe it was a scandal for the club.
"It's got nothing to do with Collingwood, ring their managers and the players' association," he said.
The AFL's social media policy states the league is likely to view "accessing, downloading or transmitting any kind of sexually explicit material" as inappropriate.
McGuire agreed the images and videos appeared to contravene the policy.
"Good to know Swanny's got some room for some more tats," McGuire joked.
Cloke, 28, is engaged to Rebeccah Panozza while Swan, 31, has been in a relationship with Taylor Wilson for eight years.