The Tigers went to Adelaide knowing a win was a requirement to stay in the hunt for finals, but a second consecutive 63-point thrashing means the Tigers would need a series of events to fall their way for them to see post-season action.
The Tigers have slipped to 11th, a game-and-a-half and significant percentage out of the eight.
Wallace said the early review wasn't encouraging.
"The tapes told us that we structurally played as poorly as what we've played at any stage of the year," he said on Tuesday.
"It certainly wasn't from cracking in at the footy, or anything like that, but we just structurally blew the game, and had some players that went away from team rules and team structures, and it fell apart because of that.
"I'd say it was as disappointed as I've seen our group at any point in time. We worked our way into playing in such a game, and then to handle it so poorly … we knew and understood what it meant to our supporter base.
"But the reality of the game and the competition is you've got to get on with your next situation.
"Normally we actually do our review after lunch today, and knock that over – that's the way that we've always done ours – but we got it knocked over earlier for the fact that it was such a poor one, and we wanted to refocus ourselves on the last three weeks."
The talk of the last month has been about Richmond being a chance to play finals, but Wallace said the club was no longer thinking about that scenario.
”Look, we've said as a group that we believe that that's now out of our control, it really comes down to others winning and losing, that has impact on where we're going, so really, we're not even looking at the eight.
"We saw the win last weekend as being the situation where that controlled our opportunity to make the eight, and we lost that opportunity.
"Now it's out of our hands and in the hands of others, so we just do what we need to do."
