Darren Barr and Patrick Cregg were both sent off for Falkirk for double bookings and Hibs striker Clayton Donaldson also saw red for two yellows.
Donaldson had given Hibs an early lead from the penalty spot only for it to be cancelled out by Pedro Moutinho's second-half strike.
Hibs could hardly have made a better start. Donaldson charged into the penalty box and was clearly caught by Barr which left Mr Collum with an easy decision.
The striker took the spot-kick himself to send Tim Krul the wrong way but his over-indulgent celebrating behind the goal brought a yellow card from the referee.
Graham Barrett had Falkirk's first effort on goal, but his 30-yard strike finished well over the top and did not trouble Yves Makalamby.
The Falkirk striker had a great chance to equalise moments later when Russell Latapy sent him clear, but Makalamby cut down the angle and diverted the ball for a corner.
Moutinhio had an opportunity at the edge of the area but the ball would not fall for him and Brian Kerr robbed him.
Hibs were giving Russell Latapy too much time on the ball and he was pulling the strings for Falkirk in midfield.
But Latapy was caught loitering on the edge of his own area as Guillaume Beuzelin charged down a loose ball, but the Hibs midfielder looped his shot well wide.
At the other end, Latapy worked a shooting chance for himself but was blocked by a combination of Rob Jones and David Murphy.
Barr was yellow-carded for bringing down Mickael Antoine-Curier in the centre circle when the French striker threatened to gallop away from him.
There might have been a case for Barr being the last defender but Mr Collum gave him the benefit of the doubt.
Hibs stepped it up towards half-time. Thierry Gathuessi shot just a yard wide and then Krul had to react swiftly to tip a Filipe Morais corner over the crossbar.
Donaldson's involvement ended six minutes from the break. Referee Collum deemed his touchline challenge on Stephen Thomson worthy of a second yellow card.
Falkirk took heart and it took a tremendous fingertip save from Makalamby to deny Arnau Riera as he somehow clawed the ball out from under his crossbar.
But the Bairns levelled two minutes into the second half. Jones did brilliantly to block Moutinho's initial shot, but the striker reacted first to pick up the loose ball and send it beyond a stranded Makalamby.
It was ten versus ten after 56 minutes when Barr picked up his second yellow card for throwing the ball away.
Falkirk skipper Stephen Thomson whipped a 25-yard shot just inches wide of Makalamby's left-hand post as the game opened up.
Krul reacted superbly to keep out a point-blank header from sub Steven Fletcher, before the striker had another chance but dragged his effort wide.
Cregg was then sent off in the final minute for a challenge on Gathuessi which earned him a second yellow.