Howe was concussed and taken to hospital for precautionary scans after the incident, which occurred just two minutes into Thursday night's blockbuster at the MCG.
Newcombe passed his concussion test and returned before quarter-time, going on to post team-high tallies of 28 disposals and seven clearances.
He also kicked an important goal at the start of the third quarter to help the Hawks reassert their authority as they powered to a 17.8 (110) to 6.10 (46) victory.
But there was another Newcombe moment soon after the collision that stood out most to Hawthorn coach Mitchell and inspired his teammates.
"It wasn't too much later that there was a skyed ball right in front of the bench and he just took a contested mark," Mitchell said.
"It was one of those genuine easy to get out of the contest if you want to and he just stood under it and he marked it.
"It was like, 'Man, this is a guy you want to play footy with'. All of our players walk pretty tall when 'Newc' is running out there next to them."
Howe and Newcombe collided when they chased a loose ball on the wing in a dramatic start to the high-stakes contest.
The Collingwood defender got to the bouncing ball a fraction of a second earlier than his opponent and took possession before he was cannoned into by Newcombe, who attempted to lay a tackle.
The pair clashed heads and Howe also hit his head on the turf when he landed.
He was assessed by medical staff for several minutes before he was taken off the ground on a stretcher.
The incident was assessed by the AFL match review officer, who cleared Newcombe of wrongdoing.
"It was the view of the MRO that Newcombe's attempt to tackle was not unreasonable in the circumstances and did not constitute a reportable offence," the league said in a statement.
"No further action was taken."
Hawks wingman Massimo D'Ambrosio was always confident teammate Newcombe would have nothing to worry about.
"He had the right intentions to go for the footy and that's kind of just what happens in footy sometimes," D'Ambrosio told AAP minutes after the match.
"You go for the ball and those things happen, so I don't think we're too concerned about that.
"But I hope Jeremy Howe's in good spirits."
Hawthorn forward Mabior Chol (rough conduct) and Collingwood's Dan McStay (tripping) can both accept $2000 fines with early guilty pleas after being charged with minor offences.
