Reid rolled his ankle in last Saturday night's semi-final win over West Coast and failed to train during the week.
Coach Mick Malthouse said on Thursday a decision on the premiership defender's availability would be made at the last minute based on the club doctor's advice.
Reid had declared himself fit and eager to play but was overruled by the Magpies' fitness staff.
Meanwhile, Goldsack comes into the side for his first senior game since last year's Grand Final replay.
He has endured a limited pre-season because of illness, but has played the last two weeks in VFL practice matches.
Goldsack will start on the bench alongside John McCarthy, Andrew Krakouer, Jarryd Blair, Sharrod Wellingham and Alan Toovey.
Dayne Beams and Cameron Wood are the Magpies' substitutes.
Essendon will enter the match unchanged with Brent Prismall, David Zaharakis, Sam Lonergan, Mark Williams, Ben Howlett and Michael Hibberd on the bench.
Travis Colyer and David Hille - who is also playing his first game for the year after pre-Christmas knee surgery - are the Bombers' substitute players.
