A devastated Collingwood coach Mick Malthouse believes his team 'let the Anzacs down' at the MCG on Saturday against an Essendon line-up that played with true Anzac spirit in the most disappointing home-and-away defeat he can recall.

And in a damning critique of his senior players, Malthouse said the Magpies lacked the on-field leadership on Saturday required to get the side over the line.

After coming from nine points down at three-quarter time, the Pies opened up a 14-point lead at the 25 minute mark of the final term and appeared to be in complete control before conceding three goals in five minutes.

As Malthouse lamented at his post-match media conference, good teams win from where Collingwood was with just five minutes left on the clock.

"Without a shadow of doubt in my short-term memory, and perhaps later on it will be in my long-term memory, I can't think of a more disappointing result in a home and away series game," Malthouse scowled.

"Unfortunately, I think we let the Anzacs down, not just for that (the finish) but the whole game, and Essendon showed true Anzac spirit (which is) the thing why we play here."

Malthouse blamed a departure from process and failure of team mechanisms under pressure for allowing the Bombers back into the contest.

And, in the absence of suspended skipper Nick Maxwell, he said there were not enough senior players prepared to take the initiative and set the example when it was needed.

"We lacked general leadership out there today and that's disappointing, but it's not associated with who's captain and who's vice-captain," Malthouse said.

"I would have thought our senior playing group would have been able to direct our younger players as Essendon did under pressure to be in the right spot or to adopt the right procedure given the circumstances of the game."

"I wasn't convinced that we had enough players in the roles that were required to enhance the prospects of other players within the group playing better."

"That's long-winded, but that's how it is."

Asked how the club would go about turning itself around for next Friday night's assignment against North Melbourne, Malthouse said: "It's up to the playing group."