Remove and discard stems and discolored spots from collards; rinse with cold water. Drain and tear into 1-inch pieces.
Bring collards and water to cover to a boil in a large Dutch oven. Remove from heat; drain. Repeat procedure once.
Toss together ham and hot sauce. Cook ham in hot oil in a Dutch oven over medium-high heat 8 to 10 minutes or until browned. Add onion and garlic, and saute until tender.
Stir in collards, potato, and remaining ingredients; bring to a boil. Reduce heat, and simmer, stirring occasionally, 45 minutes.