Stephens, along with Pick 41 and 50, heads to Hawthorn as part of the trade.
Collinwood have confirmed that Mitchell has signed with the club on a three-year deal, seeing him tied to Olympic Park until the end of 2025.
The 2018 Brownlow Medallist, spent six seasons at Hawthorn, playing 106 games, after an initial 65 at the Swans, winning three club best and fairest awards at the Hawks throughout his time at the club.
Mitchell played 21 games in 2022, averaging 28 disposals, 4.6 tackles and five clearances per game under Sam Mitchell as the Hawks continue their rebuild, often finding himself pushed out of the developing midfield.
Mitchell's arrival at the Holden Centre is just one deal in what is stacking up to be a busy trade period for Collingwood, with deals for Bobby Hill, Billy Frampton and Dan McStay already completed before Wednesday's deadline.
Henry was picked up by Collingwood with Pick 17 in the 2020 National Draft and is just 20 years of age.
With Henry joining the Cattery, as well as Bowes having joined, Geelong's business in this trade period seems complete and they take pick number seven into this year's draft where it is expected they will pick up 'Joel Selwood replica' Jhye Clark.
The former 16th pick in the 2019 draft, Stephens would make his debut this season against Greater Western Sydney in Round 8, collecting 19 disposals. However, with the depth of Geelong's classy midfield, Stephens would feature only another six times, ultimately missing out on the side's first flag since 2011.
With the move, he joins a depth of promising youth coming through including Dylan Moore, Harry Morrison, Connor MacDonald, Mitchell Lewis, Changkuoth Jiath, Will Day, Denver Grainger-Barras, Josh Ward, and Jai Newcombe.
Stephens becomes the latest player to join the brown and gold with Karl Amon signing as an unrestricted free agent.