I think almost every Victorian club besides maybe Geelong, Hawthorn and Richmond could find both cap space and compensation for GWS in regards to obtaining Kelly.
Why the Demons are not into him I'll have no idea, especially when they were really considering taking him in the mini-draft. If Hogan is thinking about leaving, then they should be looking at a 3 way swap with Fremantle and their first round pick. He would compliment there midfield perfectly.
Surely the cap space varies with each club, and one must have more than all of the others.
Therefore if he goes to the highest bidder, they simply cannot all find cap space.