Close.
Brief history..
Back when I was a lad it was a final four - we had twelve teams all from the state of Victoria where I am from.
1v2 Semi Final - winner to the Grand Final Loser to play the winner of the 3v4 Elimination Final
The winner of 2v3 would play 1 in the Grand Final.
Then it moved to a Final Five - In 1982 South Melbourne moved to Sydney to become the Sydney Swans and became the first team to play outside of Victoria.
In 1987 West Coast (from Perth) and the Brisbane Bears (from Brisbane) joined the competition. Making three teams from outside Victoria. In 1990 the VFL (Victorian Football League) became known as the AFL (Australian Football League). In 1991 Adelaide (South Australia) joined the competition, followed by Fremantle (Western Australia) in 1995. Fitzroy (from Victoria) merged with the Brisbane Bears to become the Brisbane Lions in 1996. Port Adelaide (SA) joined the competition in 1997 and more recently the Gold Coast Suns (Queensland) and the Greater Western Sydney Giants (NSW) joined in 2011 & 2012 respectively. This meant the comp was made up of 10 from Victoria, 2 each from WA, SA, NSW & Queensland.
The finals system went briefly to a final six but is now a final eight.
The finals are split into the top four and the bottom four...