Collard was partially successful in his appeal on Thursday night against an initial seven-week ban, with a further two weeks suspended, after being found guilty of calling a VFL opponent a "f***ing f****t" last month.
It is the second time in three seasons Collard has been found guilty of using homophobic language in a VFL match, having been banned for six games in 2024 after admitting to using the same slur on-field.
On this occasion, Collard, 21, maintained he did not use the slur, insisting he had used the term "maggot" towards Frankston opponent Darby Hipwell.
The independent appeals board, chaired by Will Houghton KC, backed the AFL disciplinary tribunal's decision that Collard was guilty of conduct unbecoming and dismissed St Kilda's appeal against that finding.
However, it agreed with the Saints that the initial penalty was manifestly excessive and dramatically reduced the suspension to two weeks, with a further two-week penalty suspended until the end of next season.
The AFL lamented the decision to reduce the suspension - which is now shorter than Collard's 2024 sanction - from the original ban of nine weeks, with two suspended.
"That suspension reflected the seriousness of using a homophobic slur on the field and was intended to set a clear standard for our game, particularly given it was a second offence," chief executive Andrew Dillon said in a statement on Friday.
"The appeals board last night imposed a four-week suspension, with two matches suspended until the end of next year. Â In the AFL's view, stronger action was not only warranted - it was necessary.
"Let's be clear: homophobia has no place in Australian football. Not at any level. Not under any circumstances."
The appeals board has come under fire for both its decision and its reasoning.
"We observe that football is a hard game. It is highly competitive, particularly at its higher levels," the appeals board stated.
"It is commonplace that players can employ language from time to time which is racist, sexist or homophobic whilst on the field."
Dillon slammed that reasoning, which has received widespread condemnation from the likes of Mitch Brown, the first AFL player to come out as bisexual.
"The AFL strongly rejects the statement not only that such language is commonplace, but also any implication that may be a factor in determining the severity of the sanction," Dillon said in the statement.
"We will not accept, excuse or normalise behaviour and language that demeans, discriminates or vilifies people based on who they are.
"We acknowledge there are always broader considerations in these matters, and they must be handled with care. But they do not override the responsibility everyone has to meet the standards of the game.
"We are clear on where we stand. Respect and inclusion are not optional in our game - they are fundamental.
"The AFL has communicated its concerns in relation to these matters to the appeals board members."
Thursday night's decision brought the matter to a close almost four weeks after the incident took place in a VFL match on March 27.
St Kilda called for greater consistency and clarity in the tribunal system after the drawn-out process.
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