The Saints' utility was hospitalised after he was taken off on a stretcher from the MCG early in Thursday night's 14.10 (94) to 12.7 (79) victory.
Wood collided with teammate Zaine Cordy as they flew for a mark and he landed heavily.
Play was held up for several minutes before medical personnel could take Wood off the field.
"He's such a good lad. It was pretty courageous," coach Ross Lyon said post-match.
"He knocked himself out and broke a collarbone. We're concerned about him."
Liam Henry, one of the Saints' best players on Thursday night, left the field during the last term and did not return.
Lyon is hopeful that Henry's hamstring soreness is not serious.
"Henry just might be severe cramp. We all acknowledge his speed and his run," he said.
Lyon said the Saints learned their lessons well from last week's narrow loss to Geelong.
"It was a step forward. We have plenty of work to do, but confidence comes from action and we delivered the right actions," he said.
"We were pretty relentless from start to finish."
Lyon praised their young players, such as speedy defender Nasiah Wanganeen-Milera, and said the future looks bright.
As Collingwood slumped to a 0-3 start, Lyon said it was becoming more clear what needs to be done to stop the Magpies.
"If you're the reigning premier, you have clear signatures that the opposition need to deal with," he said.
"The competition has maybe taken a while, but we're seeing all those signatures. It's pretty clear - often it's hard to stop, but we did a pretty good job of that."