The Magpies are struggling to build momentum with the finals only five weeks away.
Asked about Collingwood as potential premiers, Sheedy told Channel Nine's Sunday Footy Show: "I don't think so - I think Hawthorn and I think the Swans are going to get to them again.
"(Saturday) is the only time I've seen them and (coached against) them and we're not exactly in the top eight ourselves."
Sheedy said if Collingwood was to contend, they must have a flawless campaign for the rest of the season.
"They're going to have to improve a lot to win a flag," he said.
"It's not to say they couldn't, but you need everything going for you and they won't want to get any injuries to their major players.
"(Dayne) Beams coming back has been good.
"They probably have to watch they're getting a little bit too old in the wrong spots."
Collingwood chief executive Gary Pert said he understood Sheedy's point, but disagreed.
"It's a fair view from him watching us last night," Pert told Nine.
"We had the ball in the forward line a lot and we weren't able to convert.
"If we can get our best team out there, build some momentum and actually start to get that scoring happening, at our best we can beat any team."
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