The Crows defender – in his 200th game – was cited by the match review panel for striking Lion Jed Adcock, with the action initially deemed negligent, low impact and high contact.
He was offered a one-match sanction after 80 demerit points were added to the 60 he already had on his record from a round four incident.
But Bassett argued he was trying to block Adcock as they met head-on and presented a strong case.
"I thought I got a fair hearing and things went well," he said. "I was really confident – I didn't feel guilty and I didn't feel like I did anything wrong.
"I was attempting to block, it wasn't a striking motion ... it slipped up, it hit him in the shoulder first and then hit him in the neck. Sometimes things happen on a footy field.
"I'm really grateful it went well and I look forward to playing Geelong in a week-and-a-half."
It definitely helped that he fronted the tribunal in person, rather than appear via a video link from Adelaide.
"I always think it's important as a player to explain it, even at our footy club sometimes people watch it first and they might go 'Oh, that doesn't look good', or whatever," he said.
"But when you actually understand what's going through a player's mind when they're approaching the ball – things happen so quickly on a footy field – it gives people a clearer picture about what actually happened."
A medical report from the Brisbane Lions stated that the contact left Adcock with some swelling to his throat and neck area.
Adcock was trying to pick up the ball, but it tumbled away from him.
Originally hoping to tackle the Lion, Bassett put his arms across his body at the last moment to block him.
Under cross-examination, he said the risk of suspension and injury to an opponent meant bumping Adcock was never an option.
"There's no way I bump on a footy field, because it's too dangerous," he said.
The 31-year-old is now clear to play against Geelong on Friday, July 4; the Crows have a bye this weekend as part of the AFL's split round.
Earlier, dual Brownlow Medallist Adam Goodes accepted his one-match ban for rough conduct on Demon Clint Bartram in Sunday's clash.
It means Goodes' streak of 204 consecutive matches is no longer.
Port Adelaide's Matt Thomas accepted one week for engaging in rough conduct against Tiger Joel Bowden during the third quarter of Saturday's match, while Fremantle’s Robert Warnock and St Kilda’s Brendon Goddard took their reprimands.
Warnock picked up 93.75 points towards his future record for charging Saint Luke Ball and Goddard must pay $900 for wrestling Warnock.
