Blakey passed a head injury assessment after he was struck in the head by Merrett as the players contested a loose ball in the Bombers' win over the Swans on Saturday night.
The match review assessment on Sunday was that Merrett had his eyes on the ball and did not breach his duty of care to Blakey.
"Merrett and Blakey approach the ball from opposite directions and with his eyes on the ball, Merrett attempts to tap the ball over Blakey's head and after making contact with the ball, Merrett makes high contact with Blakey," the AFL said.
"It was the view of the match review officer that Merrett made a genuine attempt at the ball and that his actions did not constitute a breach of the duty of care he owed to Blakey."
As of Sunday night, Merrett was fifth-favourite in Sportsbet's Brownlow market.
Merrett attempted to hit the ball forward, but also made high contact with Blakey.
The Swans defender then went off in the final minutes of the match and did not return.
"I thought I tapped all ball; I was about to kick the goal," Merrett told Fox Footy after the match.
"I haven't seen it, but I don't think there's anything to worry about."
Sydney coach Dean Cox agreed there wasn't any malice on Merrett's part.
"I think both players were just going at the ball," Cox said.
"The timing … that's probably all I can say from watching it live.
"I didn't have time to look at it after that. I was trying to get the result we needed."
Adelaide defender Mark Keane, who took a game-saving mark in Saturday night's Showdown, was cleared of a match-day report for kicking Port Adelaide forward Jeremy Finlayson.
Essendon's Will Setterfield was fined for tripping.
22°C