The first-year Kangaroo sustained his injury after falling from a mountain bike whilst attempting to land a stunt within the last fortnight.
It has since been reported that Stephenson had been drinking prior to the crash.
Although left shaking his head at the former Magpies' choice of extra-curricular activities, North Melbourne CEO Ben Amarfio claimed that the 2018 Rising Star had avoided a date with the surgeon's scalpel.
“We are disappointed because it was a real lack of judgement that landed him (Stephenson) in this spot, but the good news is it’s a small fracture that doesn’t need an operation, so he’s dodged a worse outcome there,” he told The Herald Sun.
Journalist Jon Ralph reported on Monday that had Stephenson required surgical amendments, there was a real fear from those at Arden Street that it would have had long-term affects on his career.
Despite expectations that he will make a full recovery, Stephenson is expected to miss the start of North's pre-season campaign.
The Eastern Ranges product finished his debut season in blue and white stripes with a mean of 19 disposals and a goal a game from his 19-appearances.
Stephenson also finished with a place on the bench in the league's '22under22' team.