Cook's frank admission came on the eve of Wednesday's equalisation summit when AFL and club chiefs will come together to exchange ideas on how to tackle one of the competition's most pressing issues.
Cook told geelongcats.com.au that clubs were divided on what should be done, but said Geelong recognised the AFL's current equalisation policy needed "a tweak".
"The clubs are in clusters," Cook said.
"You've got your top ones who don't think it should be tweaked at all, you have the bottom ones who think it should be tweaked - and some say markedly and some say marginally.
"Then you've got three or four in the middle who are saying, 'Look, we think you have a look at it, tweak it, but there shouldn't be any revolution about it.'
"We fit into the middle area, and I think our view is quite a balanced one."
Cook said clubs faced a simple question in the wake of recent figures that showed competition powerhouse Collingwood spent $21.2 on its football department last season compared to the Western Bulldogs' competition-low $15.7 million.
"Are clubs willing to accept that a portion of whatever profit they make – $100,000, $200,000, $300,000 or whatever – should go to ensuring that the clubs who don't raise as much revenue can survive?" Cook asked.
"That's the key issue. We've discussed that at board level and we've said we probably are happy to think about a figure of around 20 per cent (of our profit).
"So we've got to that stage. You can be really fluffy about it if you want, but that's the nuts and bolts of it."
Cook said the AFL should also consider creating more equitable fixtures and stadium deals to bolster poorer clubs' finances.
Geelong's submission to the AFL ahead of Wednesday's summit proposed that "a good part" of any money reallocated from rich to poor clubs should be spent under an increased salary cap.
The Cats argued an increased salary cap would enable poorer clubs to pay their players more, while cutting into the monies richer clubs' have to pay non-player football staff.
