Sydney have handed the reigning premiers their second loss in as many games while keeping their own record undefeated in the process, amassing a 33-point victory at the MCG and souring the Magpies' night of celebrating their flag unfurling.
A four-goal performance from Logan McDonald and starring roles from midfield trio Isaac Heeney, Chad Warner and James Rowbottom saw the Swans sail out to a seven-goal lead by the final break before breaking even in the fourth term.
McDonald capitalised on Sydney's fast-moving transition game to boot four majors from close range and help back up his side's Opening Round win from last week.
Warner was instrumental on the attacking end with three goals from his 27 disposals, while Rowbottom laid 13 tackles and contributed a goal himself to continue his strong start to 2024.
Following last week's best-afield performance against the Demons, Heeney was again one to flourish in John Longmire's engine room as Sydney's makeshift midfield unit in the absence of senior trio Callum Mills, Luke Parker and Taylor Adams looked at ease for the second straight week.
Heeney collected a team-high 28 disposals and 13 contested possessions in the away win to look in career-best form and further prove his prowess as a midfield-forward hybrid.
The Swans were formidable across all three lines, with McDonald and Warner's combined seven goals supported by multiple majors from Heeney. Athletic big man Joel Amartey impressed across the opening three terms with his contested marking before being subbed out of the game in the final quarter for small forward Sam Wicks.
At the other end of the field, key defender Lewis Melican was resilient in his efforts to shut down Collingwood's tall attackers - strengthing his position in the senior side after playing just the 23 games over the past three years.
In his partnership with star defender Tom McCartin, Melican helped keep Magpies quartet Darcy Cameron, Brody Mihocek, Ash Johnson and Mason Cox to just one goal for the night.
The Magpies' attacking tandem struggled to get good looks on goal for most of the match, losing the marks inside 50 count 9 to 19 in favour of the Swans.
Successive goals to Collingwood's Jamie Elliott on either side of three-quarter time gave Craig McRae's side some hope, which was soon short-lived as Hayden McLean responded with a tough set shot to put the league back to 40 points after 10 minutes had passed in the last.
Magpies sensation Nick Daicos was again the leading disposal winner on the field with 37 touches as he floated between midfield and defence, while backman Brayden Maynard and onballer Jordan De Goey were both key in Collingwood's efforts.
Finlay Macrae got his first look at senior action after coming into the game midway through the third quarter as their tactical sub, with the former first-round pick collecting eight disposals in 27% time on ground.
Collingwood's talls couldn't fire on the night, with Ash Johnson subbed out for Macrae and nine of the club's ten goals coming from small forwards or midfielders.
The 2023 premiers return to the MCG on Thursday night to face St Kilda, which could potentially see their flag defence 0-3, while Sydney host Essendon in the Harbour City next Saturday night.