Atletico Madrid competed well during a goalless first half at the Riyadh Air Metropolitano, but Bayern Munich took control after the interval. Lennart Karl opened the scoring in the 54th minute, capitalising on a defensive error by Robin Le Normand, before Konrad Laimer finished off a Harry Kane pass 20 minutes later.
Simeone felt his side had been competitive until the opening goal, but acknowledged that Bayern had punished their mistakes.
“We competed well until the first goal,” the Atlético coach said. “We know their strengths, but we also know ours and our weaknesses. Until the goal, we competed very well.”
Asked about Le Normand's reaction to the mistake, Simeone defended the defender's character.
“Robin is a decent and noble person. It's normal for him to be angry, like any footballer who makes a mistake,” he said.
The Argentine accepted that errors are an unavoidable part of football, particularly against opponents capable of exploiting them.
“Football is based on many good things but also many mistakes. It's full of them, which is why there are so many goals. Those who take advantage of those opportunities are the best.”
Simeone had been encouraged by Atlético's approach before the breakthrough and believed Alexander Sørloth's presence had helped the team play more directly and compete for second balls.
“We managed it well. Sørloth's presence helped us. We could opt for a more direct game, winning the second balls. It gave us a lot,” he said.
“The match went in that direction. We played it how we wanted, but the first goal came and we didn't know how to react. With the second goal, the match was over.”
The defeat followed Atlético's previous loss to Liverpool, and Simeone acknowledged the gap between his team and Europe's leading sides.
“We know that when we play against important opponents, this can happen,” he said. “Liverpool and Bayern are better than us. We have to get closer to them.”
He added that Atlético would need to reach an even higher level to compete with such opponents.
“We have to get to 120 per cent because 100 per cent won't be enough.”