Lipinski was left clutching his left shoulder, which was already heavily strapped, after completing a tackle in the fourth quarter in Launceston on Thursday night.
He has a history of problems with the shoulder, and underwent a reconstruction last year after carrying the injury in the latter part of the season.
Lipinski had earlier booted two goals for the Magpies, who held on for a 15.16 (106) to 14.16 (100) victory against a plucky young Hawks outfit.
Collingwood, last year's preliminary finalists, meet reigning premiers Geelong in a huge round-one clash on March 17.
New Magpies recruits Tom Mitchell and Daniel McStay were impressive early, while Jordan De Goey dominated with a game-high 31 disposals and three goal assists.
De Goey linked with ex-Hawk Mitchell nicely through the midfield, while former Brisbane ruck-forward McStay kicked two first-quarter goals.
Another off-season addition, former Giant Bobby Hill, provided some nice touches, including a sprint down the wing to set up Brody Mihocek in the second quarter.
Hawthorn draftee Cam Mackenzie had an eye-catching performance, picking up 24 disposals, one goal and two assists.
The 19-year-old - pick No.7 in the 2022 draft - provided a pinpoint kick inside 50 in the third quarter for Fergus Greene, who topped the goal count with three.
Greene hasn't played in the AFL since 2018 but could be a valuable addition for the Hawks, who meet Essendon in round one.
Changkuoth Jiath had some solid moments in defence for Hawthorn in his first pre-season appearance.
Collingwood came flying out of the blocks with three straight goals but couldn't shake a dogged Hawthorn, who are entering a new era without the likes of Mitchell, Jaeger O'Meara and Jack Gunston.
Hawthorn were behind by just 37-30 at the first break despite trailing inside 50s 20-10.
Tempers flared with some push and shove in a tense third quarter before the Magpies did enough to hold on.
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