The Magpies face off against Adelaide at the MCG on Sunday hoping to arrest a form slump which has seen the club lose four of its past five games.
In that time, Collingwood has slipped from sixth to eighth on the AFL ladder and it will lose its place in the eight if there's another slip-up against the Crows.
But Elliott, who is set to play his 50th game this weekend, is still confident that his side's best form is going to take some beating.
"We're starting from a long way back, but when you do look at our best we're a very good team," Elliott said on Tuesday.
"If we don't play to our best we're a very bad team, so there's a big difference in how our performances are between those two.
"If you talk to everyone we're capable of winning a premiership, but we've got to play very good football."
Elliott's absence over the past two games with a niggling hamstring issue has been sorely felt, particularly against Essendon in round 17 when the Magpies managed just five goals for the afternoon.
But he has declared himself ready to go against the Crows on Sunday.
"The body feels really good. I've trained a couple of times out here during full training. I'm jumping around and bouncing out of my skin, so I'm looking forward to it," Elliott said.
Ben Reid is also a strong chance of making his AFL return this weekend, meaning he and Elliott could be paired alongside each other to add some much needed firepower to the Magpies' spluttering attack.
"Personally, I think if Reidy (Ben Reid) gets through main training tomorrow (Wednesday) and Friday he'll creep back into the side, definitely," Elliott said.
The Magpies sat down as a group over the bye rounds to discuss how they have seen the season to date and what they want to achieve for the rest of the year.
Elliott said Collingwood was treating this Sunday's game against Adelaide as a "mini-final", with coach Nathan Buckley even referring to that very fact in a team meeting.
"If we win this game it will set us up better for the finals and if we don't it's just going to set us back," Elliott said.
"We've got a long way to go if we do lose this game."
Elliott arrived for the press conference in the Westpac Lifesaver Rescue Helicopter, which the club will raise funds for as part of its match against Adelaide on Sunday.