McKay's hit on Sheezel on Good Friday was originally judged as careless, medium impact and high contact.
But the panel of Jason Johnson, Shane Wakelin and chair Jeff Gleeson reduced it to low impact after close to 50 minutes of deliberation.
Carlton argued McKay had been pushing and not striking and the incident should be graded as low impact, not medium.
AFL counsel Andrew Woods argued the potential of the incident to cause injury meant it should be graded as medium impact.
The panel upheld the striking charge but ruled McKay's "last-minute reduction in force" to minimise impact meant it didn't have "real potential for a head injury" and therefore should be graded low.
A North Melbourne medical report said Sheezel was assessed but played out the game and did not require further treatment or miss any training or games.
Carlton representative Peter O'Farrell argued McKay first made contact with Sheezel's shoulder before his arm slid up to hit him high.
McKay was praised by the tribunal panel for his impressive evidence.
The forward argued he was attempting to apply defensive pressure and had no option but to push Sheezel as he was too far away to tackle, and used his forearm instead of just his arm for greater surface area.
"With my right arm I'm trying to hit Sheezel's left arm to impact the direction of his kick and apply pressure to that kick," he said.
"I recall making initial contact to his shoulder, his left shoulder."
The Blues also relied on footage of Charlie Ballard's 2023 hit on Matt Guelfi, Rhys Mathieson's contact with Kysaiah Pickett in 2021 and Marlion Pickett's 2021 high hit on Brandon Starcevich.
Richmond star Tom Lynch will front the tribunal later on Tuesday night, facing at least a three-week ban for his bump that concussed Western Bulldogs defender Alex Keath.
Lynch's crunching bump on Keath on Saturday was ruled careless conduct, high contact and severe impact, triggering the tribunal hearing.
Any suspension won't impact Lynch, given he broke his foot in the loss and will require surgery and is likely to be at least two months out.
Hawthorn's Will Day received a two-match ban for a sling tackle (careless conduct, high impact, high contact) on Geelong's Brad Close in their Easter Monday clash.
Cat Gary Rohan copped a one-match suspension for his own dangerous tackle (careless conduct, medium impact, high contact) on Hawk Changkuoth Jiath.
Hawthorn ruck Lloyd Meek can accept a $2000 fine for kneeing Geelong's Mark Blicavs in a ruck contest.
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