Remove and discard stems and discolored spots from collards; rinse with cold water. Drain; tear into 1-inch pieces.
Bring collards, ham hocks, and water to cover to a boil in a large Dutch oven. Remove from heat; drain. Repeat procedure once.
Toss together chopped ham and hot sauce; cook in hot oil in Dutch oven over medium-high heat 6 to 8 minutes or until browned.
Add onion and garlic; saute until tender. Stir in collards, ham hocks, potato, and remaining ingredients. Bring mixture to a boil, reduce heat, and simmer, stirring occasionally, 45 minutes.
Remove meat from hocks; discard hocks. Return meat to soup.