Young was sin-binned after an ugly hip-drop tackle that left Manly star Tolu Koula with a syndesmosis injury in their shock 44-24 loss on Saturday.
It left the Knights sweating on whether their star winger could play in the finals, as they are already without Dylan Brown (knee) and Dylan Lucas (ankle).
But after Newcastle's hopes of hosting a home final were dented, they were delivered some good news by the match review committee as Young was only handed a one-game ban for the grade-two charge, if he takes an early plea.
The Englishman will miss their crunch clash against the Warriors next Sunday, but as the Knights have a bye in round 27 he will be available for selection come week one of finals.
The Knights were dealt another blow with forward Tyson Frizell handed a one-game ban for dangerous contact on Manly fullback Tom Trbojevic.
The Sea Eagles' Koula mentime is set to go for scans, but the club are hopeful he has only suffered a grade-two syndesmosis tear and sidelined for just a few weeks.
Manly also have some chance of welcoming Taniela Paseka (knee) and Ethan Bullemor (concussion) back against St George Illawarra on Friday night, with the finals still a mathematical possibility.
That would come as a massive boost to the Sea Eagles' pack, who have been without all four of their first-choice starting and bench front-row options for the past three weeks.
The Warriors weren't so happy with their injury news though, as coach Andrew Webster confirmed winger Dallin Watene-Zelezniak will need surgery on his broken collarbone.
It comes after the 31-year-old landed hard while trying to score in the first-half of their 45-26 victory over South Sydney.
Watene-Zelezniak will go under the knife on Monday and Webster is hopeful that he can play a part in the finals.
"People probably don't realise, Dallin did it in the first half," Webster told Newstalk ZB.
"He kept running the football, wincing and going back to the wing in pain.
"At halftime he took his jersey off to try and get it treated, and I saw him try and put it back on and it wasn't a nice look."
Elsewhere, Canterbury were dealt a blow to their hopes of reaching the top eight after winger Jonathan Sua was given a one-game suspension for a high-drop tackle in their 44-14 victory over the Dragons.
The Bulldogs must secure victory in their final two clashes against Penrith and Brisbane if they are to have any chance of playing finals.
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