Almost three decades on from their fabled 1995 draw, the Bombers and Magpies played out another instant classic at the MCG on Thursday.
It reignited the debate about whether extra time should be played to settle tied AFL home-and-away matches.
McRae said he predicted the discussion as he joked with a security guard on his way off the ground after the final siren.
"We fought for 120 minutes and we couldn't find a margin," McRae told reporters after the match.
"I'll leave that up to others to decide whether we need more time. It was a great game.
"I would've thought (it was a fair result). They had great momentum and we got some back, then it was an arm-wrestle after halftime really.
"This game's always going to be about moments and managing those and how you handle situations."
Merrett won the Anzac Day Medal as best afield in a 31-disposal performance, but was left with a hollow feeling at the end of the match.
"I love competing, I love winning and I hate losing, so I would love to have played for an extra five or 10 minutes to get a result," he said.
"But it's a unique feeling walking off with no team song for both (sides)."
Essendon coach Brad Scott said fans should have the final say on whether extra time is introduced for home-and-away matches.
"I could make an argument for and against, but I think the game comes back to the fans," Scott said.
"For them, if you ask the fans, I think they probably want a result.
"It's an even competition and I think we fixed the major one - we don't want a draw in a grand final, as an industry.
"But I don't have a strong view for and against (extra time in home-and-away matches). If I was at the AFL, I'd poll the fans."
The Essendon-Collingwood draw was the first of the season, after two were played out last year.
It was the fifth draw in 247 AFL/VFL meetings between the great rivals and their first in 29 years.
