While the odds of a collision are extremely low, they rise with an increasing difficulty. And since the number of blocks is unbounded, the probability of a collision occurring approaches 100%.
Sure, given an infinite timeframe, the odds become 100%, but still, the block would get rejected, so it's just the miner who mined the block with the colliding hash loses the block reward + fees for that block, and that's about all that'll happen.
In our lifetime, i doubt we'll ever see such a collision happening... My math is not good enough to calculate the exact odds tough, but it would be an extremely small number...