The growth of perturbations subject to the Crow instability along two vortex rings of equal and opposite circulation undergoing a head-on collision is examined. Unlike the planar case for semi-infinite line vortices, the zero-order geometry of the flow (i.e. the ring radius, core thickness and separation distance) and by extension the growth rates of perturbations vary in time. The governing equations are therefore temporally integrated to characterize the perturbation spectrum. The analysis, which considers the effects of ring curvature and the distribution of vorticity within the vortex cores, explains several key flow features observed in experiments. First, the zero-order motion of the rings is accurately reproduced. Next, the predicted emergent wavenumber, which sets the number of secondary vortex structures emerging after the cores come into contact, agrees with experiments, including the observed increase in the number of secondary structures with increasing Reynolds number. Finally, the analysis predicts an abrupt transition at a critical Reynolds number to a regime dominated by a higher-frequency, faster-growing instability mode that may be consistent with the experimentally observed rapid generation of a turbulent puff following the collision of rings at high Reynolds numbers.