Schulz was charged by the Match Review Panel with a level one striking offence (80 points) for his late spoil on Melbourne's Neville Jetta in last Saturday's clash at Traeger Park.
The 29-year-old didn't risk a one-match ban by challenging his charge on Tuesday night and took advantage of the free swing, but his case was quickly dismissed.
The jury of David Neitz, Richard Loveridge and Wayne Schimmelbusch took just three minutes to uphold the MRP's penalty.
They downgraded the charge from reckless to negligent conduct, but that did not change the final result.
Schulz, who appeared via video link from Adelaide, claimed his late hit on Jetta was accidental contact and said he was "a little bit shocked I'm here to be honest".
The Port goalkicker had swung his right arm with an open fist, making late contact to Jetta's stomach after the Demon had made a spoil over the boundary line.
Schulz, who was represented by Ben Krupka, said his actions were an attempt to spoil and his eyes did not deviate from the football.
"In the past when I've done something wrong I've copped a whack for it, but I really don’t think I've done anything wrong here," he said.
"Pleading guilty doesn't sit well with me."
Schulz could have accepted 60 demerit points by pleading guilty. His previous tally of 93.75 carryover points expired after round seven.
Twitter: @AFL_Nathan