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The visitors looked headed for an upset early, before the reigning premiers showed their might with a dominant second-half that should have killed the contest.
Hawthorn was leading by 29 points at the 14-minute mark of the last-quarter.
But the-never-say-die Power defied their bleak situation by slamming on four goals in 10 minutes, and came within a whisker of what would have been one of the greatest victories in AFL history.
Jarryd Roughead was best on ground with six goals. Photo: Quinn Rooney (Getty)
However they could not find the match-winning goal, as Hawthorn held its nerve in the face of repeated Port Adelaide forward entries throughout a gripping final two minutes.
The siren sounded with a stoppage 40m from the Power goal, triggering jubilant celebrations from a Hawks team that almost throw it away.
Six out of Hawthorn's past seven preliminary finals have been decided by an average margin of five points.
Skipper Travis Boak was Port Adelaide's best player with 33 touches. Photo: Quinn Rooney (Getty)
Ultimately, Ken Hinkley's Port Adelaide will course its early inaccuracy in front of goal.
Conversely, the Hawks have made the most of their limited opportunities, highlighted by Jarryd Roughead's inspiring six-goal haul.
The Power started much better than Hawthorn, but for all their early dominance they could not convert that onto the scoreboard.
At the first change, Port Adelaide convincingly led disposals 109-74, inside 50s 17-7 and contested possessions 41-21.
They were 3.9 at quarter-time with only a 12-point lead.
Port's Jack Hombsch kicks clear of Hawk Paul Puopolo. Photo: Quinn Rooney (Getty)
Up stepped the Hawks, who won the second quarter six goals to two. They also had twice as many disposals and laid 40 tackles to 10.
At the main break, Port Adelaide has four more scoring shots but trails by 11 points.
Hawthorn extra week of rest was an obvious advantage in the second half.
Roughead dobbed three goals to extend the lead out to 23 points at the final change.
Angus Monfries (two), Chad Wingard and Polec booted the last four goals of the game, but the shellshocked Hawks held on to set up a rematch of the 2012 premiership decider - a match that will see Swans superstar Lance Franklin come up against his old side.
Roughead the difference
Jarryd Roughead was a beacon for the Hawks in the first three quarters with six goals – the most goals by a Hawthorn player in a preliminary final.
Port's wasted chances
In the first half, the Power were badly inaccurate in front of goal, only managing five goals from 16 scoring shots.
None of the shots were easy. But on another day the Power could have been four or five goals in front by halftime.
By the end, the losers had 29 scoring shots to Hawthorn’s 22 and had six more inside 50s (50-44).
Port was an underdog and playing away from home. It simply had to take its chances.
Four quarters of Luke Hodge class
While momentum swung throughout the match, one constant was the influence of Hawthorn's captain.
Playing across half back, Hodge finished with 27 disposals, five tackles and a goal.
His best moment came late, when it mattered most. Brad Ebert was about to send the ball deep inside Port's attack during the final minute. But Hodge threw himself across the boot in a potentially game-saving smother.
Wingard and Wines feel the pressure
Chad Wingard had a shocking match - until the final 10 minutes, that is.
Wingard was at the origin of many of Port's forays forward in the frenetic conclusion to the match.
Apart from that, it was as if Wingard was not even on the field. He was blanketed by Ben Stratton for a start, but was also sent into defence as Ken Hinkley tried to bring the livewire into the match.
Wines (19 touches) was in the thick of the action, especially in the first half, but the sophomore youngster had a bad case of finals jitters.
His disposal efficiency was 57 per cent, in a game he'd rather forget.
Jordan Lewis subbed out with injury
Lewis suffered a low corked quad, low down knee his knee, during the third term.
He tried to run it out, but when the Hawks moved 23 points up just before three-quarter time, the coaching staff played it safe by handing Lewis the red vest.
At this stage, it's highly unlikely the injury will stop Lewis playing in the grand final.
Jordan Lewis runs off for treatment on a corked thigh. He returned to the field before being substituted late in the third term. Photo: Quinn Rooney (Getty)
HAWTHORN 2.3 8.4 13.6 15.7 (97)
PORT ADELAIDE 3.9 5.11 8.13 13.16 (94)
GOALS
Hawthorn: Roughead 6, Gunston 2, Smith 2, Hale, Langford, Suckling, Duryea, Hodge
Port Adelaide: Monfries 4, Gray 3, Neade, Wingard, Westhoff, Boak, Schulz, Polec
BEST
Hawthorn: Roughead, Hodge, Hill, Langford, Mitchell
Port Adelaide: Boak, Ebert, Gray, Hombsch, Hartlett
INJURIES
Hawthorn: Lewis (corked thigh)
Port Adelaide: Hombsch (concussion)
SUBSTITUTES
Hawthorn: Jordan Lewis (corked thigh) replaced by Jonathan Simpkin at three-quarter time
Port Adelaide: Jackson Trengove replaced by Andrew Moore three-quarter time
Reports: Nil
Crowd: 74,856 at the MCG