The AFL tribunal last Friday upheld a charge of "conduct unbecoming" against Collard, who had rejected suggestions he called his Frankston opponent a "f*****g f*****" during a VFL match last month.
A hearing to determine Collard's sanction will be held on Tuesday afternoon and St Kilda have already indicated they will consider appealing it.
Collard, 21, who was banned for six matches for using the same homophobic word in 2024, was adamant he did not use it this time.
The marathon hearing took place last Thursday, but the tribunal panel did not reach a determination before the 5pm deadline, and released their decision on Friday evening.
The AFL had said in the hearing they would seek a 10-week suspension for Collard if the charge was upheld.
Collard insisted he said, "Come here, maggot", to Frankston player Darby Hipwell.
But Hipwell was adamant that was not the case.
"He had his head up against my ear and he said the words to me, 'Darby, you 'f***ing f*****'," Hipwell said.
The allegation was supported by Hipwell's teammate Bailey Lambert.
Hipwell and Collard previously played together with VFL club Sandringham when that side was St Kilda's state-league affiliate.
Collard has played 15 AFL games, after being taken by the Saints in the 2023 draft.
He is already serving a two-match ban stemming from a high hit on an opponent in the same VFL match in which he allegedly uttered the homophobic slur.
The Saints last week said they would continue to support Collard, who is contracted until the end of 2027, through the process.
"I haven't had a conversation. He's in a holding pattern," coach Ross Lyon said of Collard after St Kilda's 12.9 (81) to 9.13 (67) away win over Port Adelaide on Sunday night.
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