The result leaves the Magpies clinging onto the top eight on percentage with several tricky games remaining in the run to September.
But Pendlebury, and coach Nathan Buckley, noted the team’s approach to the bye will be fashioned on the way it responded to the 70-point loss to Fremantle in round one.
On that occasion, the Magpies used their week off to reload before flying to Sydney where they silenced the flag favourites with a 20-point win.
“The season’s not finished for us,” Pendlebury told CollingwoodTV after emerging from Buckley’s post-game meeting.
“A lot of people will write us off now but we’re eighth. If the finals start tomorrow, we’re in the finals.
“We’ve got a lot of work to do though.
“Two weeks (off) is a good thing. We can really attack these two weeks, train really well and come out all guns blazing against the Crows.”
Essendon gave Collingwood one of its most comprehensive beatings in many years, winning the tackle count with 67 to Collingwood’s 50 despite having 87 more disposals.
“We definitely didn’t sense that coming in,” Pendlebury lamented.
“The boys were ready. In the first quarter we missed some opportunities and they kicked straight all day. We got flogged around the ball and it starts and stops there.
“I think we’ve just got to get back to the basics. If we do the basics well, we play good football, and today there were just too many times where we left each other by ourselves.
“It starts around the footy. We’ve got to get better around the pill and we’ll address that.”
