If that was the lowest point in Collingwood's near 130 year history, which resulted in the Grand total of one season outside the top 8, we're not doing too bad as a footy club.
In my time watching Collingwood, and also in referencing the history books, it had to be 1999 - our 6th consecutive year outside of finals, with the Footy Show doing a weekly count of how many consecutive games Collingwood had lost to start the season.
Then again, our round 9ish win against Fremantle was when I first got together with my now wife, so that game/season has fond memories for me.
Suspect Collingwood supporters are in a pretty good position in comparison to supporters of most other clubs when trying to ascertain when the lowest point in their history was...
Another unforeseen bonus of that year - it was the last time the Pies ever played at the Cattery! (to date)