Appearing on Triple M's The Rub, McGuire joked with other panelists and fellow AFL club president James Brayshaw about seeing Wilson drown.
The panel was discussing the recent "Big Freeze" initiative held by the AFL, which sees celebrities and ex-players go down an ice slide into ice water to raise funds for motor neurone disease.
"I reckon we should start the campaign for a one-person slide next year," said McGuire. "Caroline Wilson. And I’ll put in ten grand straight away...make it twenty."
"And if she stays under, fifty."
McGuire then joked about charging "ten thousand for everyone to stand around the outside and bomb her."
"I'll actually jump in and make sure she doesn't [come up from the water] – I'll hold her under," said ex-AFL coach and commentator, Danny Frawley.