Despite finishing fourth in the standings and making the preliminary finals, some pundits are tipping the Magpies will struggle to even make the top eight this year.
Too much reliance on superstar midfielder Nick Daicos and a lack of depth in defence and the ruck are cited as reasons for their likely demise.
They will be missing defender Jeremy Howe and skipper Darcy Moore for the MCG match, both veterans sidelined with calf injuries.
But Lyon, who watched Collingwood's pre-season hit-out last week in Ballarat against North Melbourne where they lost by a point, said they were still a class act.
"They've been together a long time and they know what they're doing, so yeah we don't want to be ambushed," the coach said on Friday morning ahead of training.
"We're not falling for 'they're falling away', like, really everyone's there, the only two that aren't there are really important but they're key intercept defenders, which is Moore and Howe, but everyone else is there so it's going to be significant.
"We're coming from non-finals the last couple of years, building a group and, so yeah, we understand the significance of the challenge."
Lyon also watched Sydney lay on an extraordinary 12-goal, 75-point third quarter to over-run Carlton for a 20.12 (132) to 10.9 (69) win on Thursday night at the SCG and said it showed the intensity teams needed to sustain through four quarters.
"Just how intense it is ... Carlton looked in great shape, to be honest, for a fair period of the game, but if you can't sustain it teams that do can get hold off you quickly."
Finishing 12th last year, the Saints refreshed their squad by signing Jack Silvagni, Tom De Koning, Sam Flanders and Liam Ryan.
Silvagni returns after concussion protocols to take his place alongside the other new faces and Lyon is happy with what the quartet have brought to the club.
Co-captain Cal Wilkie has also overcome a corked calf in time for opening round.
"They've all come in and there's been a real team chemistry right from the start," he said of the recruits.
"They're extroverted people, they really give their time to our young players, they engage with our senior players, and more importantly, they train hard and they play well.
"There's been signs that they're going to help us improve."
Meanwhile, Collingwood coach Craig McRae fronted the media Friday after he and the club refuted rumours midweek about a marriage breakdown.
"There's a lot of things written that are untrue and I think I've addressed that," McRae said.
"My private life, we are very comfortable, my wife and I have never been happier and what others write about us, we can never control that.
"Am I disappointed? Yeah, but I'm not a victim."
Collingwood will be captained by Daicos in the absence of Moore while ex-Sydney key forward Jack Buller will make his club debut.
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