A crank preload collar assembly is disclosed. The crank preload collar assembly includes a preload collar body having an axial opening therein to fit around a spindle of a crank assembly. The crank preload collar assembly also includes a clampable opening formed in a portion of the preload collar body. A cam lever is coupled with both sides of the clampable opening, wherein the cam lever provides a clamping force to the preload collar body with respect to the spindle.