HAWTHORN president Andrew Newbold believes the club faces a huge challenge winning a third-straight premiership, saying the 2015 flag race will be the "hardest" ever fought.

Speaking at the Hawks' season launch and Hall of Fame induction on Wednesday night, Newbold said the AFL's equalisation measures introduced this season would have a significant effect.

The measures include a soft cap on football department spending in 2015 and a luxury tax on spending above the threshold, capped at $1 million. 

"I think the next premiership will be the hardest one that's ever won," Newbold told a room packed with Hawthorn greats including John Kennedy Snr, Don Scott, Graham Arthur and Peter Hudson.

"The reason I say that is the equalisation measures are set to take effect this year and they include a cap on every football department spend in the competition.

"As a club we will work hard to ensure that we don't exceed that cap. This year we probably will, but from this year onwards we basically can't afford it.

"So we're going to have to make some tough decisions in the years ahead."

Newbold said the Hawks are resolved to being disciplined on and off the field to remain competitive and didn't "shy away from the challenge that lies ahead".

And coach Alastair Clarkson said people, not money, would continue to be the driving force behind the club's success, as it had been since he took the reins in 2004 when Hawthorn was fighting financial battles and on-field struggles.

Clarkson is aiming to steer the Hawks to three consecutive flags for the first time in club history, which would make Hawthorn the first team since the mighty Brisbane Lions of 2001-03 to achieve the feat.

The triple-premiership mentor has been impressed with the players' enthusiasm for the task this pre-season and added it would be the young Hawks – about 15 of whom he has told might struggle to play senior football – who would drive the group.

"I spoke to all of those boys today. Probably not too many of them are going to feature throughout the course of the year in our senior side," he said.

"But geez they're important to our footy club. They're the future of our footy club."

Hawthorn's squad is arguably stronger than last year, with key defender James Frawley arriving from Melbourne and former No.2 NAB AFL Draft pick Jonathan O'Rourke joining the club.

Dual premiership skipper Luke Hodge said the duo had fitted in well and he expects the Hawks to improve their brand of football in 2015.

"We're again entering another season with high expectations. The players are excited to take that up another step and play some high quality football," Hodge said.

"We're very excited with the progress of James Frawley and Jono O'Rourke, as well as all the other draftees. We're looking forward to them playing in the brown and gold for many years to come."

The Hawks finished the launch by inducting four players – Ernest 'Tich' Utting, Max Elmer, Russell Greene and Shane Crawford – into their Hall of Fame.

Utting played 127 games mostly as a back pocket from 1923-32 and he was a two-time best and fairest winner.

One of Elmer's greatest achievements was helping appoint Kennedy Snr as coach during his 27 years on the committee after he joined the club as Honorary Ticket (Membership) Secretary in 1951.

Triple-premiership player Greene appeared in 184 games between 1980-88 after he switched from St Kilda, where he played 120 matches.

Greene won the best and fairest in 1984 and played in the 1983, '86 and '88 flags during the club's golden era.

Brownlow medallist Crawford retired after 305 games, finishing up after the Hawks' upset win over Geelong in the 2008 Grand Final.

The hard-running midfielder began his career in 1993, was a four-time best and fairest and captained the club from 1999-2004.