The Magpies were brave but ultimately unable to compete with the reigning premiers at the MCG, and their hopes of a last-gasp finals berth were crushed in a 65-point loss.
Vote for your top three players from Collingwood's loss to Hawthorn in the Magpie Army Player of the Year Award.
Collingwood missed the finals for the first time since 2005, and finished the season with an 11-11 record.
Buckley said the loss was "like lambs to a slaughter" as his injury-ravaged team took on a premiership fancy, but he still saw positives in the immediate aftermath.
"I made the comment in the box at the end to the coaches, it doesn't feel like the end, it feels like the beginning," the coach said.
"It's the beginning of whatever we want to make it.
"The commitment of the players, the coaches and everyone involved with the football club is what's going to give us a chance to be at the level that Hawthorn are at.
"We're not at that level right now, and we've got some work to do."
After entering the season with high hopes and building a 8-3 record in the first half of the year, the Magpies crashed out of contention and were cruelled by injuries to key players including Dane Swan, Travis Cloke and Dayne Beams in the final rounds.
Buckley said injuries and a lack of output from experienced players had hurt the team's cause in 2014.
"We clearly have got to fix our inner injury status...the last three weeks is a case in point," he said.
"I think for what we put out on the park, (11-11) is probably a fair representation of our season.
"We'll go through a really thorough review process as we always do, (but) this evolution of Collingwood is pretty exciting.
"I'm talking to Tim Broomhead on the way out, and he says, 'The season is finishing at the wrong time for me. I'm ready to take the next step'.
"He'll bide his time."
Buckley praised debutant Corey Gault, who broke into the team for the first time since he was drafted at the end of 2011 and kicked two goals.
He said the club was confident defensive forward Tyson Goldsack would remain with the club after suggestions he could explore a move to Port Adelaide.
"He's a little bemused actually with the reports," Buckley said.
"We love 'Goldy', and he is a very popular player within the playing group and the club in general.
"He's a player we hope and expect to retain, and he’ll be a big part of what we build.
"We're pretty confident we'll be able to satisfy his needs."
On the Magpies' approach to the upcoming trade period, Buckley said the club would make decisions based on being "super-competitive in the next three to five-year period".
