Tournament football comes at you fast. Two weeks ago, the Matildas were happy campers. After the team had gone through their final paces at a training site on the outskirts of Marseille, coach Tony Gustavsson was buoyant in greeting journalists. It had been, he said, the best pre-tournament training session he had seen during his career. “The energy is really, really good,” added his captain, Steph Catley.

Fourteen days later, the Matildas’ Olympic campaign came to a juddering halt. For the first-time since Sydney 2000, the Australians failed to progress beyond the group stage at the Olympics (they failed to qualify at all in 2008 and 2012). The Matildas leave France with just three points, after a frenetic comeback win over Zambia was bookended by defeats to Germany and the United States.

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In some respects the Australians were unfortunate. They almost snuck through as one of the two best third-placed teams. The Matildas might feel hard done by Canada – a team which admitted spying on an opponent ahead of the opening game (which they later won) and is still surrounded by unresolved questions of systemic cheating going back to at least the last Olympics – remain in the tournament. But the Canadians overcame a six-point deduction to still qualify by winning every game. The Matildas won just once.

In the final analysis, at a 12-team tournament where eight teams qualify for the knock-out round, there can be no ifs or buts for nations that fail to progress. This is a forgiving format, and the Matildas’ results did not warrant forgiveness. It is the worst result of the Gustavsson era, and a disappointing farewell to a golden generation, some of whom will not be around for the next major tournament, the home Asian Cup in 2026.

Sure there are excuses to be made. Few teams would not feel the absence of Sam Kerr, a captain, star striker and one of the best forwards in the world. The Chelsea star’s absence was keenly felt and Gustavsson proved unable to configure an effective attacking formation without Kerr. Mary Fowler and Caitlin Foord failed to fire, while Michelle Heyman was hardly given enough time to make an impact (other than her last-gasp winner against Zambia). Injuries to important players in the tournament lead-in, including Catley, Foord and Katrina Gorry, may also explain some of the team’s sluggishness.

Yet if Australia aspires to be a leading women’s football nation, these factors explain but do not excuse their premature elimination. The Matildas aim to be one of the best teams in the world and they proved their ability with consecutive fourth place finishes in Tokyo and at the 2023 home World Cup. Exiting in the group stage in Paris is not good enough for a team with such talent and aspirations. And it is a disservice to the team not to subject these performances to the scrutiny they warrant.

The buck ultimately stops with Gustavsson. He has been a divisive figure during his tenure, criticised for some of his methods yet ultimately vindicated by the semi-final run at last year’s World Cup. Gustavsson talks frequently of his wider contribution to the game’s systems and structures but whether he deserves credit for that work will only be known in the years ahead. Ultimately, when you live by results, you die by them too.

Gustavsson’s contract ends with this tournament and his departure was confirmed on Thursday. The search for a new coach might prove an opportunity for a wider rebuild, but it will be a fraught role. The Matildas have never been more popular and consistently draw capacity crowds at home. Yet the hopes of a nation are hard to manage and the rebuild required to transition this team from a golden generation to a new one will not be smooth.

There will be much discussion in the weeks ahead about Australia’s failings in France. Obituaries will be written. Arguments will be had. Gustavsson is a born optimist. After the opening defeat to Germany, he was eager to find positives. “Is everything really bad?” he asked. “No.” The Swede proceeded to list some upsides from the performance, scoreline notwithstanding.

The same is probably true of the Matildas overall. This final group stage clash with the United States came exactly a year to the day after Australia thrashed Canada in Melbourne to spark a run that took the Matildas to the semi-finals of a home World Cup. Only 12 months ago, the Australians were playing their best football against the defending Olympic champions.

The past may be ancient history, but our collective reaction to the Matildas’ painful group stage exit must be proportionate. Whoever succeeds Gustavsson will be busy – within the team and beyond (including the advancement of the A-League Women). They will inherit a squad filled with high quality footballers playing in some of the best leagues in the world. But the Matildas are also a team in transition, one which needs to consciously integrate and develop new talent as veterans exit. As the dust settles on this disappointing Olympic campaign, the hard work must start without delay.