The Magpies led by a goal at the 12-minute mark of the final term in Sunday's clash against Adelaide at the MCG, only to fall to the Crows by 16 points.
"We're not making any excuses. We were in position to win that game," Pendlebury said.
"We put ourselves in a position to win and we've just got to be better."
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The loss relegated the club to ninth position and with plenty of ground to make up if it is to force its way back into the top eight.
Collingwood has had to deal with a lengthy injury list for much of the season, only managing to get Ben Reid back in action for his first game of the season against the Crows.
Star midfielder Dane Swan is expected to miss up to a month with a plantar fascia problem in his foot, while Luke Ball and Alan Toovey were ruled out before the game started.
But it was not the lack of seniority that cost the Magpies the game, according to Pendlebury
.It was their sluggish opening and the side's inability to cope with pressure that stood out most to the Magpies' skipper.
"In the heat of the moment we've got to be better. You've got to stay clear in your mind and know what we want to do as a side," Pendlebury said.
"You can't get caught up in the atmosphere, which is what we're trying to teach the whole team. We've got to stick to the way we want to play all game and (Sunday night) it was the start that really hurt us."
Pendlebury said the loss to the Crows was "gut wrenching" as he turns his attention to another season-defining game against Port Adelaide next Sunday.
Finals, he says, are not even being thought about at this stage of the season.
"Even early in the year, when we were sitting fourth, it wasn't in the conversation," Pendlebury said.
"Round 23 is when it will be in the conversation, whether we're playing or not and that's as simple as it is."
It hurts #sidebyside pic.twitter.com/Zm08H5WLAs
— Collingwood FC (@CollingwoodFC) July 27, 2014