Atletico Madrid's UCL exit against Arsenal caps another season of 'what-ifs' and raises questions about what's next for Diego Simeone
By Chuck Booth May 5, 2026 at 6:55 pm ET • 4 min read 
Getty Images They hung on for as long as they could, but after losing 1-0 to Arsenal, Atletico Madrid are out of the Champions League after falling in the semifinals of the competition 2-1 on aggregate. While it's a deep run in the Champions League, something they've been able to do fairly consistently, it's also a moment where, despite their performance, it isn't enough to mask the disappointment of the season, which also saw Atleti lose in the Copa Del Rey final and trail Barcelona for the LaLiga crown by double-digit points.
It's already the end of an era for the club with Antoine Griezmann joining Orlando City SC at the end of the season on a free transfer, but could it actually end up being the end of more than one era? This hasn't been the Atletico Madrid that you're used to, with Diego Simeone's side shifting into more of an attacking force, which is why they were the third-highest-scoring team in the UCL with 34 goals. But they've also struggled defensively, conceding 28 goals in their 16 matches played, second only to Qarabag.
You do concede more goals by playing more games, but the next most porous European defense of the semifinalists is Paris Saint-Germain, who conceded 21 goals in 15 matches played. This is far from a vintage defense-first Simeone team, and while he has tried to keep up with spending at the club, transforming them into more of a dynamic attack than the grind-it-out defensive style that he's known for, the result is still the same: coming up short in Europe for a fanbase that craves it, having lost three UCL finals in their history.
So, what's next?
How Atleti take the next step
Managing at the club since 2011, Simeone is currently the second-longest-serving manager in Europe's top five leagues behind only Frank Schmidt of FC Heidenheim, who has been there since 2007. Although that time includes years in the lower leagues of German soccer, Simeone's time has all been in LaLiga.
Simeone has brought immense highs to the club, winning the Europa League twice, LaLiga twice, the Copa Del Rey, and the Spanish Super Cup. But without any silverware since the 2020-21 season, it's fair to question if Simeone can bring those highs back to Madrid as soccer around the world undergoes changes or take them to ultimate glory and win the UCL, having come close many times.
This doesn't discredit what he has done to get Atletico Madrid to the top, reaching the UCL final twice and turning a club that had only qualified for Europe's premier competition eight times before his arrival into UCL regulars, but this clash showed how large the gap is to get where Atletico Madrid want to be. Soccer is a sport of what have you done lately, and when it comes to Atletico Madrid, the answer is not enough.
Across two legs, Atletico Madrid didn't have it in them to keep up with Arsenal's talent, only putting two shots on target for a paltry 0.53 expected goals. It's not for lack of trying, splashing out to sign Alex Baena and Ademola Lookman in the season after already adding Julian Alvarez, Conor Gallagher, and Alexander Sorloth on exorbitant fees. They were built to push for honors, and Simeone has failed to deliver. In the Copa Del Rey final, they fell to a Real Sociedad side with a longer drought for silverware than them, who had last won the competition in the 2019-20 season.
What could be next?
It can be tough to move on from a club institution, and it's clear that Atletico Madrid were trying something different. But if he couldn't bring major honors in this season with Barcelona and Real Madrid not being at their best, it's hard to see when that would happen. After the World Cup, there will be a managerial merry-go-round at plenty of clubs around the world, so it's a time when Atletico Madrid could consider their own future, while there are also other options around the world where Simeone could land. It's hard to see Atleti ever being the ones to pull the plugs, and his situation is unique, but all good things must come to an end at some point.
Spots such as Chelsea and the Argentina national team could be open following the World Cup, considering that Lionel Scaloni has almost stepped down multiple times as manager of the national team, and each would be a good fit for a manager like Simeone if Madrid opt to go for a more attacking-minded manager. Argentina have embodied a similar passion and defensive fight that Simeone manages, while Chelsea need the stability that he was able to bring to Madrid after burning through five permanent managers since 2021, with numerous interim managers also taking the reins during that time.
Even if it's not at Madrid, Simeone is a manager who can bring plenty to a club, but as his current club is going through an evolution, it feels like now more than ever, questions will come as to what's next.
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