We are witnessing an explosion in the growth of the number of connected devices, with the consequent increase of their share in global energy consumption. Thus, it is mandatory that we employ green networking technologies for Internet of Things and machine to machine (M2M) networks. In M2M data collection networks, hundreds or thousands of devices communicate with a data collector (DC). In this regard, dynamic frame slotted Aloha (DFSA) has gained popularity as an energy efficient MAC protocol for M2M data collection networks. In this paper, we carry out performance evaluation of DFSA algorithm. First, we derive analytical bounds on the performance of DFSA. To this end, we employ the properties of binomial distributions and Karp-Upfal-Widgerson inequality. Furthermore, we propose a simple MAC protocol based on DFSA, and analyze the protocol under saturated traffic condition. Using a mathematical model for our proposed protocol, we derive closed form expressions for system throughput, packet delay, and the energy efficiency of the node and the DC. The analysis is validated through extensive simulation. © 2017 IEEE.