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Retaining La Liga now looks out of the question but prolonging their presence in the Champions League and earning an automatic spot for next year’s competition will have huge long-term rewards for Atletico Madrid. 

Last month’s derby against Real Madrid was seen as a must-win game in order for the reigning champions to stand a chance of defending their crown but, despite dealing them a historic 4-0 thrashing, Diego Simeone’s team have since undone their own hard work. 

In the following league outing after that memorable win, they slipped to a 1-0 defeat to Celta Vigo and a further two points dropped after last Sunday’s 1-1 draw against Valencia has, bar a turnaround of epic proportions, ended their title hopes meaning that the team front the capital must now fully focus on European competition and third place in the league. 

For most reigning champions, being out of the title race in March would signify a huge failure but, in Atletico’s case, it is a different story. The club is aware of where it was just a few years ago and also knows that, in order to remain at the top level for years to come, it must take a pragmatic approach when it comes to setting objectives in the season’s final stretch.

It is crucial to remember that Atletico had outstanding debts of just over $700million as recently as 2011, around a third of which was in unpaid taxes. At the start of the 2013/14 season, their tax debt stood at $227million which fell to $180million by the end of the calendar year. Their success last year, winning the Spanish league title and reaching the final of the Champions League final, meant that figure significantly dropped

Still, Atletico owe some $120million according to the latest figures released by the Spanish football league.

While the inconsistency of Sevilla in recent weeks has created a comfort zone of five and six points between fourth place Valencia and third place Atletico respectively, the importance for Simeone’s side clinching that third place is massive. 

Indeed, it is the top four teams in Spain who qualify for Europe’s elite competition but finishing third provides a direct avenue to the group stages which, from next season, will be worth a guaranteed $42.5million while fourth place must face a gruelling two-legged tie. With their existing debts, that sort of figure is not one that Atletico can afford to put on the line in a playoff match. Additionally, having Champions League football in the bag makes those ever competitive off-season transfer negotiations far simpler with the offer of playing in the world’s biggest club competition. 

Their existing debt is not the only financial headache that Atletico have to find ways of dealing with. There is, of course, the small matter of a new $250million stadium being built which is estimated to be completed by the start of the 2016-17 season, even more reason why that third spot must be the priority.

Atletico are well and truly still in this year’s edition of the Champions League despite trailing Bayer Leverkusen by a single goal. Hakan Calhanoglu has given the Germans a 1-0 lead in the first-leg of the last 16 matchup but Los Rojiblancos were arguably the more relieved of the two sides after the hosts could have put the tie to bed. 

Due to the attitude and mentality instilled in the players by Simeone, Atletico will not go down without an almighty fight and another special run cannot be ruled out.

This season was always going to be one of transition due to the sales of key squad members like Diego Costa and Filipe Luis, as well as the return of loan star Thibaut Courtois, so to compare last year’s side with this would be unjust.

It may not be anywhere near as heroic or dramatic as winning the league on the final day of the campaign but a third place finish and an extended run in the Champions League will still be considered a successful season for Atletico, one which will result in massive long-term gains if achieved.