The players and their coach were greeted with a standing ovation at the Melbourne Convention Centre, with the pain of defeat still carved in their faces.
Lyon made note of the players' growth in his two year's at the club but said there was hard work ahead.
"I love the passion, but we didn't win today, we didn't create greatness when there was an opportunity for that," he said.
"I want us to be aware of that fact.
"I love the passion, but there's another step to go here before we're a great club.
"We have to return consistently, we have to do the work and we have to continue to improve."
Captain Matthew Pavlich echoed Lyon and said the players needed to grow to give themselves a chance to play off for the premiership next season.
"We weren't good enough today and we're going to have to learn," he said.
"I had someone send me a text yesterday saying: don't let the best you've already achieved be the standard for the rest of your life.
"We must not relent, we must continue to strive forward."
Still numb and disappointed, president Steve Harris said the football world now saw Fremantle as "a club that stands for relentless pressure and never giving in".
He said he was "incredibly proud of the players and coaches and what they had achieved".
"I think if you look at the game there was never a point where we gave up," he told AFL.com.au.
"There was never a point where our effort reduced and we were in it right the way through to the end.
"I think what you saw was the trademark Fremantle effort and the trademark Fremantle commitment you've seen all year.
"We didn't get there in the end, which is disappointing, but now we've got to focus on the future."
Twitter: @AFL_Nathan
