The forward's hit in question occurred in a game against the Canadiens' Chris Campoli where the principal point of contact was the head. However, Shanahan concluded no punishment is forthcoming, saying this was his "most difficult [decision] to date."
Here is Shanahan's video detailing the ruling.
Now here's Shanahan's explanation given to NHL.com as to why Malone won't be sidelined for those who can't listen to the video.
“We felt that this hit was the most challenging one so far in this preseason for the Department of Player Safety to evaluate,” Shanahan said. “In the end, we felt that Malone had committed to the hit when Campoli was upright. However, when the contact was made, Campoli's head position significantly changed just prior to the hit.
"There are elements about the hit that we don't like -- specifically, the principal point of contact being the head and that it was not a full-body check. But the overriding factor in our judgment was that Campoli's loss of the puck and subsequent bending forward for it just prior contributed significantly, if not entirely, to those elements."
Count Campoli among the surprised at Shanahan's ruling.
"Somewhat surprised I guess. Haven't heard officially but if that's the case I'm surprised."
I think this ruling gives hope to a lot of people out there afraid the NHL is going too far. It shows that Shanahan and crew are taking a very close look at each play and trying not to take the hitting out of the game, something a lot of people are afraid will happen. By doing this, it shows it will be more than knee-jerk reactions to game misconducts.