On a busy night at the tribunal, Essendon captain Zach Merrett failed to have his one-match suspension overturned and will miss the Anzac Day blockbuster.
Collingwood vice-captain Taylor Adams will round out the evening when he fights his own dangerous tackle charge.
Adams was charged with rough conduct on St Kilda's Seb Ross, considered careless conduct, medium impact and high contact, and hopes to get it downgraded to low impact.
The AFL had pushed for a five-game ban if Caminiti's original striking charge, assessed by match review officer Michael Christian as intentional conduct, severe impact and high contact, was upheld.
Vision showed Murphy forcefully pushing Caminiti in the chest/neck region and the St Kilda forward responding with a high raised forearm that felled his opponent. Murphy will miss the Anzac Day game through concussion.
The AFL also wanted a four-match ban if the charge was downgraded to careless conduct, while St Kilda pushed for four if intentional and three if careless.
St Kilda contended the incident should be assessed as careless conduct while AFL counsel Nick Pane KC said as the hit was off the ball, it should be considered intentional.
After 42 minutes of deliberation, the tribunal panel sided with St Kilda.
Panel chair Jeff Gleeson noted "Murphy's body lowered before impact and that appears to have contributed significantly to Caminiti hitting his head" and accepted the incident wasn't fully off the ball.
The young forward was adamant he wasn't retaliating to Murphy's earlier shove and said he was anticipating a marking contest and was attempting to push the defender away to "create separation" from the defender.
"At the time I was completely unaware I hit him anywhere near the head or chin, I thought it was in the chest," he said.
"Now looking at the vision, it's clear that I must've accidentally nicked him in the chin."
Caminiti reached out to Murphy after the match to apologise while St Kilda tried and failed to include a text from the defender, indicating he had slipped prior to the contact, as evidence.
Earlier, after 27 minutes of deliberation, the panel upheld the careless conduct, medium impact and high contact grading of Merrett's tackle on Melbourne's Tom Sparrow, after Essendon wanted the incident downgraded to low impact.
The panel determined Merrett should have realised Sparrow was vulnerable and the potential for injury, via his head hitting the ground, made it a dangerous tackle and medium impact.
Merrett agreed he had grabbed Sparrow's jumper neckline with his right hand but said he slipped and was adamant he used his left arm, at the hip, to drag the Demon onto himself.
The Bombers also argued Sparrow contributed to the impact by attempting to break free instead of dropping the ball and protecting himself with his one free arm.
