Mihocek broke his neck after he was tackled to the ground by Frampton during Melbourne's eight-point win over the Magpies on Monday.
Play was stopped for 10 minutes while doctors carefully attended to Mihocek, with the former Magpie forward undergoing successful surgery after being taken to hospital.
Frampton initially received a three-match ban, which was overturned at the AFL Tribunal on Wednesday night after the panel deemed the tackle wasn't careless.
Mihocek was able to walk after the operation, but the 33-year-old has been ruled out for the rest of the season and faces an uncertain playing future.
"I can't really speak for how he's feeling, because he's the one at home at the moment, away from his teammates in a neck brace, millimetres from disaster or potential disaster," King said on Thursday.
"It's just one of those ones where we're just so fortunate he's still with us.
"Our docs and trainers and medical team have done an incredible job to get Brody through this.
"They've done an amazing job right from when the incident happened out on the ground to take their time and make sure (they didn't risk further damage).
"That might have been the difference between where Brody's at now and what could have potentially happened.
"He's very lucky. He's back home walking around, which is amazing, and a terrific result for what ... we were thinking what might have been happening Monday night."
King said the injury rattled everyone, and he felt guilty for having to focus back on the game after Mihocek was taken from the ground.Â
"I've seen some lower-limb injuries in my time that have been pretty horrific as well, but that one was next-level in terms of potential serious repercussions," King said.
"Reflecting on it, it was pretty eerie, and moving on with the game didn't seem like the right thing to do at the time.
"And then seeing Brody and his family down in the rooms at halftime, and even the players running out seeing Brody again, you question your own mortality a bit from a footy sense. It was pretty bad."
During Wednesday night's tribunal hearing, Frampton gave evidence saying he did his utmost to protect his friend during the tackle.
Mihocek was bent over and attempting to drive through the tackle when disaster struck, with the forward's head driven into the turf as Frampton fell backwards.
"All my thoughts and prayers are with Brody and his family, but I actually felt like reaching out to Billy as well, because I feel like he was just playing the game," King said of the tackle.
"It's just one of those terrible accidents - I feel for both of them."
Melbourne (8-5) will be back in action on Saturday when they face wooden-spoon favourites Essendon (1-12) at the MCG.
