We use angle-resolved photoemission spectroscopy (ARPES) and density functional theory (DFT) calculations to study the electronic structure of CaFe$_2$As$_2$ in previously unexplored collapsed tetragonal (CT) phase. This unusual phase of the iron arsenic high temperature superconductors was hard to measure as it exists only under pressure. By inducing internal strain, via the post growth, thermal treatment of the single crystals, we were able to stabilize the CT phase at ambient-pressure. We find significant differences in the Fermi surface topology and band dispersion data from the more common orthorhombic-antiferromagnetic or tetragonal-paramagnetic phases, consistent with electronic structure calculations. The top of the hole bands sinks below the Fermi level, which destroys the nesting present in parent phases. The absence of nesting in this phase along with apparent loss of Fe magnetic moment, are now clearly experimentally correlated with the lack of superconductivity in this phase.
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