The 24-year-old will be available for Richmond's first final, however, with his six-year good record reducing the penalty to 168.75 demerit points and a one-match ban.
Edwards was charged with a level three striking offence following a clash with Greater Western Sydney's Liam Sumner at Skoda Stadium on Sunday.
The incident was assessed as reckless conduct, medium impact and high contact, drawing 225 demerit points and a two-match ban.
Edwards' good record, however, allowed him to take a free swing at the Tribunal on Tuesday night without the risk of missing Richmond's first final since 2001.
Although disappointed, he said: "Nothing's going to affect the way we approach this first final."
Edwards could have accepted 126.56 demerit points with an early plea, but he chose to challenge.
His counsel, Michael Tovey QC, called on Greater Western Sydney doctor William Craddock to give evidence via phone in a move that backfired.
It is assumed the Tigers called on Dr Craddock in the hope he would confirm Sumner was substituted at half time because of an ankle injury.
Dr Craddock examined Sumner at the main break when he complained of an injury to the back of his ankle as well as a visual impairment, which could have been caused by the Edwards strike.
He said Sumner had trouble seeing out of his right eye and he would have been a "liability to the team and a liability to himself" if he played on.
"If a player is missing their right visual field, they're at danger of performing poorly, but more importantly they're at risk of increased injury," Dr Craddock said.
"I would have removed him from play anyway [despite the ankle injury]."
Richmond was also allowed to call on its own doctor, Greg Hickey, who was not in a position to contest his GWS counterpart's evidence.
The jury of Richard Loveridge, Wayne Henwood and Wayne Schimmelbusch took two minutes to deliberate before upholding the Match Review Panel's charge.
Edwards has played 19 games in a season of significant improvement and shapes as a key to the Tigers' breakthrough finals campaign when he returns.
