Butler is now free to face his former club Richmond on Saturday, the tribunal finding he hadn't breached his duty of care in his run-down tackle of Blakey last Thursday night.
The Saints livewire told the tribunal he'd tried to roll with the tackle so as not to give away a push in the back free kick and argued he'd had no choice but to tackle as "I don't want to get dropped".
His lawyer said there was no alternative but to tackle and pointed out Butler had released Blakey's arms before he made contact with the ground so he could brace his fall.
Tribunal chairman Jeff Gleeson agreed and his panel dismissed the charge, finding Butler's momentum made some contact with the ground inevitable.
"He had dropped to the side, had no real power from the commencement of the tackle ... he did not drive Blakey to the ground with his arms," he said.
"Rather, he fell to the ground with Blakey as a result of the momentum of the tackle ... he released Blakey's defensive arm."
AFL counsel Sally Flynn had submitted there were two motions in his tackle - pinning the arms, then driving Blakey to the ground - adding he didn't need to go through with the driving motion.
Butler replied he was at maximum speed when he made the tackle so there it was "almost impossible" to not take him to ground.
Gleeson said the tribunal panel did not agree there were two motions in the tackle.
The tribunal's call is likely to be met with positivity from the wider AFL community.
Before the hearing, Hawthorn legend Jason Dunstall said he'd be "horrified" if Butler was suspended for the tackle, among a sea of other criticism for the ban.
Blakey's head hit the ground in the incident and he was substituted out of the game, but was later cleared of concussion.
Later on Tuesday night, Hawthorn captain James Sicily and Richmond forward Rhyan Mansell will also appear at the tribunal.
Sicily was directly referred with a rough conduct charge for a dangerous tackle that concussed Brisbane Lions gun Hugh McCluggage, ironically in his first game back from a one-match ban.
Mansell was charged for a bump on Fremantle's James Aish as the duo attacked the ball from opposite directions.