The Cats led the count with six players selected - including first-timer Harry Taylor - while the Magpies contributed four, including debutants Harry O’Brien and Scott Pendlebury.
Corey Enright, Joel Selwood, Paul Chapman, Gary Ablett and Dane Swan backed up from 2009 with consecutive selection while Steve Johnson and Alan Didak returned after one and three seasons respectively on the outside.
Despite the heavy presence of Cats and Magpies, the side's captain came from a side which crashed out in week one of the finals.
Hawthorn midfielder Luke Hodge capped off his strong 22-game season to be named in the centre as skipper for his third All Australian selection after 2005 and 2008.
"It’s a huge honour just to get in the side but to be captain ... I’m chuffed," Hodge said, adding that a hypothetical pre-match address wouldn't need to be overly stirring given the calibre of players in his team.
Ablett said he was surprised to be named as Hodge’s deputy after three previous selections in 2007, 2008 and 2009.
"I didn’t expect this but it’s definitely a big honour," Ablett said.
"I don’t talk too much [on the field]. I try to get out and show my leadership skills on the field."
Young defender James Frawley was picked in the back pocket while Melbourne teammate and fellow first-timer Mark Jamar was named on the interchange as second ruckman.
There were seven All Australian debutants: West Coast's Mark LeCras and Richmond Coleman Medallist Jack Riewoldt, plus Frawley, Jamar, O'Brien, Pendlebury and Taylor.
The Demons were the bolters with two players named - the club's first All Australian guernseys since 2006, when James McDonald was named on the bench.
The Sydney Swans, Brisbane Lions, Essendon, Adelaide, Port Adelaide and North Melbourne were not represented in the final 22, which was trimmed from the initial squad of 40.
Among those unluckiest to miss out were Fremantle’s Matthew Pavlich, Melbourne’s Brad Green and St Kilda’s Lenny Hayes.
Brownlow medallist Adam Cooney also missed out on his second guernsey after a hamstring injury ended his season in round 21.
Cooney's teammate Lake, who was named for the second straight year, said he would look back on such accolades once his playing days were done.
"It’s a great honour and something you probably take for granted during your career," Lake said.
"It’s probably something that when you’re retired and old, you can tell everyone how good you were back in the day."
Geelong defender Taylor credited the Cats' strong showing to a team-first ethos.
"It just shows what we’re doing is working at the moment," he said.
"We’ve been playing terrific football as a team and that’s probably translated into some individual awards going to some players.
"It shows the value of playing as a team."
2010 FOUR'N TWENTY AFL ALL AUSTRALIAN TEAM
B: James Frawley, (Melbourne), Brian Lake (Western Bulldogs), Corey Enright (Geelong)
HB: Brendon Goddard (St Kilda), Harry Taylor (Geelong), Harry O’Brien (Collingwood)
C: Leigh Montagna (St Kilda), Luke Hodge (C - Hawthorn), Joel Selwood (Geelong)
HF: Alan Didak (Collingwood), Lance Franklin (Hawthorn), Paul Chapman (Geelong)
F: Barry Hall (Western Bulldogs), Jack Riewoldt (Richmond), Mark LeCras (West Coast)
Foll: Aaron Sandilands (Fremantle), Dane Swan (Collingwood), Gary Ablett (VC - Geelong)
I/C: Mark Jamar (Melbourne), Steve Johnson (Geelong), Chris Judd (Carlton), Scott Pendlebury (Collingwood)
