Ingles, runner-up for the NBA's Sixth Man Award in the 2020-21 season, could not prevent the top-seeded Jazz losing to the Los Angeles Clippers in the second round of the playoffs.
He scored 19 points in three successive games against the Clippers but twice in a losing cause, meaning a season that he packed with career-bests ended on a painful note.
Ingles is now chasing gold with Australia at Tokyo 2020, with an opening game against Nigeria scheduled for Sunday.
Australia have never won an Olympic medal in men's basketball, finishing fourth on four occasions, most recently at Rio 2016.
They were also fourth at the 2019 FIBA World Cup, but Ingles says the time has come to get hold of a medal.
Gold is the obvious target, and when Ingles was asked whether silver or bronze would be a disappointment, his verdict was that anything but top step on the podium would feel like a letdown, at least initially.
"In the moment, yeah; in the long run, no," he said. "We don't talk about anything else – there's one goal in mind and that's to win a gold medal in Tokyo.
"If we wait and look 10 years down the track we'll think different but we're here to make history."
Australia's women have fared better on the big stage, winning three Olympic silvers and two bronze medals.
Ingles had an NBA career-best 34 points against the Washington Wizards in March, while in January he passed John Stockton to set a new Jazz record for the most three-pointers in a career with the franchise. Stockton made 845 and Ingles is now on 993.
He set career highs in field-goal percentage (48.9 per cent), three-point success rate (45.1 per cent) and free-throw hit rate (84.4 per cent) in the regular season, along with a points-per-game average of 12.1 that matched his 2018-19 best.
Now the 33-year-old small forward heads into his fourth Olympics seeking that elusive medal, and a familiar face in Brian Goorjian is leading the team.
Coach Goorjian was in charge of Australia when Ingles made his Games debut in 2008 at Beijing, and he returned to the role in November of last year.
"He's a lot older. We're both a lot older," Ingles said. "So awesome to have him back.
"I was interested to see if there would be any differences in him. He moves a bit slower and his fingers are a bit more busted up but he's the same coach."