'A tough pill to swallow' - Josh Giddey laments Australian Boomers' collapse after Olympic exit

The Australian Boomers came into the Olympic Games with their sights set on another medal.

For a quarter and a half, that dream looked right on track as they took a 24-point first-half lead against Serbia, the basket seemingly resembling a hoola hoop as shot after shot went down.

Then came Serbia's rally.

Led by 3-time NBA MVP Nikola Jokic, the World Cup runners-up, continued to chip away and despite Patty Mills's late-game heroics to send the game to overtime, it wasn't to be for Australia, who crashed out of the competition with the biggest blown lead in Olympic history.

MORE: Inside Australia's collapse - How Nikola Jokic led Serbia comeback

"I thought we threw everything at them. We're playing against world class individuals, world class teams, world class coaches," Mills said postgame.

"This is why you play international basketball, it's a different sport than any other league across the world. It brings the best out of everyone."

As the quarter-final unfolded, Mills looked to have put on his green and gold cape, dropping 20 points in the first half and sending the game into overtime with another signature moment in the Boomers jersey.

But as the curtain came down on his fifth Olympic Games campaign, teammate and Olympic debutant Josh Giddey lamented the team's inability to seize the opportunity in what will likely be Mills' last Olympics for Australia.

MORE: Live updates from Boomers' quarter-final loss to Serbia

"He deserved better; he deserved for us to help him get that ultimate goal of gold," Giddey said of Mills.

"Whether it's his last or not, he's poured so much into this program.

"Talk about 'FIBA Patty', one of the greatest to ever do it in these tournaments. We're very, very lucky to play with him."

At 21 years old, Giddey is undoubtedly the next in line to lead Australia's next generation, with Tuesday's quarter-final somewhat of a passing of the baton as he and Mills combined for 51 points on the night.

MORE: Australia vs Serbia box score

An emotional Giddey spoke postgame of the missed opportunity in front of the Boomers, who for stretches looked like a genuine medal contender.

"We had everything we needed in this locker room to win a tournament like this and I still believe that," Giddey said.

"It comes down to one or two possessions and shows how little room for error there is.

"A big lead ... I don't think we weathered the storm. A lot of what-ifs.

"The reality is it's over. But it's a tough pill to swallow knowing we have to wait four years til the next one."