Elliott left the training track early on Sunday morning and Magpies coach Nathan Buckley later revealed he wouldn't play after suffering hamstring tightness.
Queenslander Oxley, 20, was this week promoted from the Pies' rookie list. Buckley said the 191cm and 78kg utility had performed "extremely well" in a wing/half-back role in the VFL this season and even likened him to skipper Nick Maxwell.
"He's come (on) in leaps and bounds in the last 18 months," he said.
"(He was) recruited from Redlands up in Queensland, the same club as (teammate) Josh Thomas – (they) played junior footy together.
"He's still a light-framed player; he's got to put a bit of size on ... he's a little bit undersized for (a key position) at the moment, but eventually he could become that.
"He's probably a Nick Maxwell-type that can win the ball in the air, really good defensive intensity and attributes. Very good kick, runs the lines very well.
"He's got the capacity to lock himself into that back six or seven."
Collingwood has a chance to move into sixth spot and boost its lowly percentage of 97.2 – easily the worst among the top 11 teams – but Buckley says he simply wants his team to produce four consistent quarters against the embattled Demons.
"We've played some good footy and we've played some poor footy, and we still want to put it together," he said.
Buckley also leapt to the defence of his former colleague and current Melbourne coach Mark Neeld, whom he feels has been treated unfairly in recent times.
"I thought the trial by media last week was a disgrace," he said. "No one's at the board meeting, no one knows what's going on. But he's been able to hold his calm and his cool pretty well.
"A coach and players can only ever focus on what they’re in control of, and I know 'Neeldy' really well and he's definitely able to do that...
"You’re not going to get too many kind words from me about Neeldy tomorrow – he's our enemy. I just think there's a lot of pressure on coaches in general and there's a fair bit of hysteria that takes place. I think everyone's entitled to an opinion, as long as it's fair-minded and balanced."
