It looked as if Collingwood had rediscovered their magic in the qualifying final against Adelaide, and despite a dominant second term, the third quarter was proof that they just didn't have enough to go two from three.
Nick Daicos and Jamie Elliott steered the ship, but it wasn't enough.
The Sporting News looks at the best and worst in the Pies' final game of the season.
MORE: AFL Preliminary Final Brisbane player ratings: Collingwood can't go with Hugh McLuggage
Who can hold their head high?
Nick Daicos: 8
Unlikely he would've earned a vote tonight, but the expected Brownlow medal winner on Monday turned in another solid September performance, finishing with 27 disposals and a game-high five centre clearances. As the Lions broke away at the end, he had just three disposals in the final term, but just about the last person you could point the finger at for the Pies falling short.
Jamie Elliott: 9
Gold Coast are circling, and they would've liked what they saw. But Collingwood cannot afford to lose the 33-year-old, who so often is the only spark in the forward line, tonight yet again another example of that. A game-high four goals, and probably would've been five if not for a missed front-on contact right in front of goal in the fourth quarter, which would've cut the Lions' lead to six.
Harry Perryman: 8
Arguably the Pies' best defender, finishing with a game-high 10 intercept possessions. A lot was made about the addition of Dan Houston over the off-season, but Perryman was easily the better acquisition, and one of the most underrated across the entire competition.
Josh Daicos: 6
Found plenty of it with 26 disposals, but his 11 turnovers were ultimately costly. Still, put his head over the ball more than any other Magpie, finishing with a team-high 703 metres gained.
Isaac Quaynor: 8
Kai Lohmann admitted to Brian Taylor post-game that Quaynor locked him up, which is a rare admission from an AFL player, but high praise. Kept his composure in a Pies' defence that was under constant siege, winning a one-v-two against Lohmann and Charlie Cameron late which was emblematic of that.
Who has a long off-season ahead?
Brody Mihocek: 1.5
With offers said to be on the table from the Demons and Kangaroos, it's very possible Brody Mihocek's days as a Pie may be history. But after his end to the season (one goal from his final four games), perhaps it's the best for both sides. No doubt was playing injured, and he looked it, as aside from assisting Jamie Elliott's first goal, he didn't provide much of anything for Collingwood.
Mason Cox: 3
He has sets high standards for himself in September, but he couldn't reach those on Saturday night. Did his job against Adelaide, bringing the ball to ground and competing, but couldn't replicate that a fortnight later. Perhaps that says more about the class and experience of Brisbane's defence, more than Cox. Did get two goals, one from a free kick in which he was outmarked, and the other from a very, very fortunate soccer.
But his one job was to quell Harris Andrews, who was ultimately one of the Lions' best.
Jordan De Goey: 2.5
It's been a rollercoaster year for De Goey with injuries and everything considered, and he certainly experienced both the highs and lows this September. Was arguably best on ground against Adelaide a fortnight ago, but couldn't deliver the same class and intensity against Brisbane. Found the ball 17 times, but arguably used the ball worse than anyone else on the ground, going at just 47 per cent disposal efficiency. His ball use in the first quarter was particularly poor.
Dan Houston: 2
A disappointing end to a disappointing year for the Pies' prized recruit. Never looked at his best in a Collingwood jumper, and his preliminary final was reflective of that. Despite a rare goal, finishes with just 12 disposals and four turnovers. Still time to turn the narrative on his Collingwood tenure, but will need to put in a massive off-season.
Darcy Moore: 4
If Jordan De Goey wasn't best-on a fortnight ago, then Darcy Moore almost certainly was. But like his superstar teammate, the Pies' skipper fell off a cliff in the preliminary final, not having anywhere near the same impact intercepting the ball, with 19-year-old Ty Gallop getting the better of him. Unfortunately, Saturday night was more true to his form in 2025, even with Jeremy Howe back in the lineup.