The Collector's Edition comes with a digital copy of Ragnarok that will play both the PS5 and PS4 versions. It's a bit of a bummer that it doesn't include a physical disc, especially since the CE has a steelbook case with the Bear and the Wolf emblazoned on the front. Here's everything you get exclusively with God of War Ragnarok's Collector's Edition:
16" Mjolnir Hammer Replica 2" Vanir Twins Carvings Dwarven Dice Set Steelbook case
You also get all of the Digital Deluxe Edition goodies:
Kratos Darkdale Armor Atreus Darkdale Attire Darkdale Blades Handles for the Blades of Chaos Darkdale Axe Grip for the Leviathan Axe God of War Ragnarok Digital Soundtrack Dark Horse Digital Mini Art book Avatar Set PS4 Theme