The Sydney Swans all but ended Collingwood's slim finals ambitions by hanging on for a thrilling six-point AFL win at Telstra Stadium.

After Ben Mathews missed a chance to seal the match for Sydney in the dying moments, the final siren was greeted with wild celebration from most of 50,091 crowd.

Taking a four-point lead into the final term, Sydney kicked 3.2 to the Magpies 1.5 to run out winners 13.7 (85) to 11.13 (79) in a game played with all the intensity of an elimination final.

The lead changed hands 15 times in a highly skilled game and it seemed after Collingwood colossus Anthony Rocca held back two men to shepherd through a goal, the Magpies might have saved their season with their bravest performance of the year.

But Sydney effectively ended Collingwood's finals hopes while also dealing a likely death blow to skipper Nathan Buckley's dream of winning a premiership.

The win puts the Swans (7-6 win-loss record) season back on track, dislodging the Kangaroos for a spot in the top eight.

Meanwhile the grand finalist of the past two years languishes in 14th, needing to win eight of the remaining nine games to be a good chance of playing in September.

Comments this week by Collingwood president Eddie McGuire this season had resembled something ready to be flushed down the toilet, and labelled a "shocker" by coach Mick Malthouse will seem harsh after the Magpies spirited performance.

The absence of key forward Chris Tarrant to suspension proved costly for the Magpies despite eight goal kickers stepping up to fill the void.

Ryan O'Keefe, Michael O'Loughlin and Barry Hall combined to make up a dangerous trio up forward for the Swans while Jude Bolton and Brett Kirk played season best games.

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