Milburn was reported by umpire David Howlett for the incident which occurred in the fourth quarter of Saturday's match at Optus Oval.
The collision, late in the game, saw Silvagni knocked unconscious and after being taken from the field Milburn sarcastically clapped and smiled at Blues supporters.
Some angry fans tried to climb the fence to confront Milburn, who was afforded police protection and a security escort off the oval and to a car when leaving the ground.
"I never expected the results that came from my clapping the crowd and I am now very sorry I did it," Milburn said in a statement.
Geelong chief executive Brian Cook said the club had reviewed the events of the weekend and it "would now be dealt with internally".
AFL football operations manager Andrew Demetriou had raised the possibility of Milburn being charged with bringing the game into disrepute but that will not happen.
