To make it more confusing;in 1916, fitzroy won the wooden spoon in a 4 team competition playing badly during the regular season.
since this was during ww1, all four teams played in the finals and then won the premiership with a stunning form reversal.
the best modern example is adelaide who fell to 13th in 1999 after the flag in 98. this is the lowest fall possible since there were only 12 teams before the comp expanded.
so adelaide are the lowest and fitrzroy won the wooden spoon and premiership.
Richmond who finished the home and away third, got knocked out in the first final and therefore finished last.
But… many count the wooden spoon after the home and away season as one does with many other awards. So Fitzroy got the wooden spoon and the Premiership.
So to save arguments, the official stance is an asterisk with both teams allotted the wooden spoon so you can decide how the criteria works in your world.
I personally prefer wooden spoons should be allotted after the home and away. But I agree Richmond finished last, but Fitzroy got the spoon (don’t think they would have been to sad that year).