The injury, which would effectively end his season in round 12 and keep it from recommencing until round nine, 2006, is a footballer's worst nightmare owing to the lengthy period of rehabilitation that is required.
However, since returning to the game Shaw has found himself appreciating the enforced time he spent away from football. He believes it has actually made him a better player.
"I learned a lot about myself in the 12 months I had off. I've learned to do a lot of things I couldn't do beforehand, in terms of weights, and just working on my game," Shaw told collingwoodfc.com.au.
"I did a lot of reflecting, and that was one of the main things I went through. I was doing all right in '05, and when I did my knee it kind of put me back a bit, but I learned my '05 performances were reasonable without being outstanding.
"I think I can really improve on that, and this year I'm hoping to do it because I learned a lot more about my game, and I've found areas which I can improve on and that's what I'm working on."
Shaw said his year away from football allowed him to look closely at the way he had developed as a player, and resulted in him uncovering some raw truths about how he was hurting his own career.
"It was all about self-analysis. I must admit, I might have gotten ahead of myself with a few things throughout my career. I might have played a good game, but I'd think it was an outstanding game when it probably wasn't," he said.
"I think the self-analysis part of it has been huge for me, and I know my game inside out now and I know when I've had a good one when I really have, without over-exaggerating.
"I know if I can keep my feet grounded and my head towards next week and just doing the same role, I think that's where the improvement will come."
He is a little disappointed it took such a huge shake-up for him to realise what sort of player he was becoming, but is thankful for the lessons he learned regarding both his own personality and his desire to play the game.
"It's not a thing you want to happen to anyone, and it's better off if you don't learn all this stuff about yourself because of an injury," he said.
"Going through it, it has helped me. I've learned a lot about myself and where I can go and what goals I can reach. It has helped me personally, and with my football as well.
"The coaches had to really hold me back because I just really wanted to get back and play any kind of footy after the rehab.
"I didn't care if it was Williamstown reserves or seniors or Collingwood, I just wanted to play footy, as you really do miss it when you're not playing.
"You think you can live without football, but I definitely couldn't for that time."
This season Shaw has shown encouraging signs and is on track to posting a full year of the sort of form he showed before the knee injury occurred.
"This year, there's been no worries. I had a full pre-season and I did everything, I haven't missed many training sessions and I only missed one game early on because I was crook," he said.
"I think I might have improved. I've done a lot of hard work since I did my knee, and I've improved myself and my body and a lot of other areas I wasn't so strong in.
"It's definitely improved immensely."
Rhyce isn't the only Shaw currently performing well at Collingwood. His younger brother Heath, who finished third in last year's NAB AFL Rising Star award, is continuing to shine in defence and has won the praise of his sibling.
"He's a superstar. He's doing really well, and he's a key for us now. I'm pretty proud of him, he's doing really well," he said.
"He played two years of reserves footy, he worked really hard and he had a lot of areas to improve on, but since he's been in that side, he's really taken it to a new level and become a key player.
"We really look towards him to take our side to the next level, with Dale Thomas and Scott Pendlebury."
Recently, the close-knit brothers instigated just the second separation of their lives when Rhyce left the home – and the life – they previously shared.
"I've only just recently moved out, away from Heath. We've lived together for all but one year of our lives," he said.
"We've been best mates all the way through, and I'm living with my girlfriend now and he's living by himself.
"It's pretty tough because we're used to being on top of each other every day, going to training together, going to the pub on the weekend, or just going shopping. We'd always do it together.
"Now it's a bit different, but we're still pretty close."
Shaw recounted the numerous fights the two have had over the years, and attributed Heath's toughness to the fact he has frequently been used as a punching bag.
"He can take more than I can, and I think that's because I used to beat him up all the time," Shaw laughed.
"I remember when we were kids, I wasn't a bad cricketer and I used to bowl fast. Heath was batting and I always used to come in and bowl just so he could hit it, as he was four years younger.
"One day, I've raced in and let go, and it's hit him right in the ribs. He piffed the bat at me and walked home. It was pretty funny, actually."
While Shaw said the pair continue to be best mates, he said they still do "what normal brothers do" and argue about small things – sometimes even on the football arena.
"On the weekend, we had a massive barney on the ground in front of the boys," Shaw said.
"I didn't kick it into the centre of the ground, I ran down the wing and kicked it and there was a turnover, and he just blasted me for about 20 seconds and I just gave it back to him.
"Then, the next thing, he did exactly the same thing from the kick-out and I just looked at him and smiled, and he kind of smiled back because he knew he'd stuffed up the same as I had.
"After the game, the boys said, are you two alright?' I laughed and said, 'yeah, it's only brotherly love'. It's a bit of competition, I can take that from Heath and he can take that from me."
