Malthouse said he was "terribly sorry" about the loss to Collingwood in a video message to members on Monday, and invited fans to a barbecue to make up for it.
"A coach doesn't have a magic wand. The players that Carlton have got at the moment are just not good enough, I don't think," Jesaulenko told AFL.com.au.
"Even last year I said they needed a couple of gun forwards - fellas that can mark, not just run, can mark. They haven't found them. They need to go and get a couple.
The four-time Carlton premiership player and former captain backed Malthouse to turn the side around.
"He's coached premiership sides, he knows what it takes," he said.
"[There's] a lot of work for the Carlton people, they've got to suffer a bit longer I think."
Jesaulenko spoke to AFL.com.au ahead of the announcement of the AFL's Multicultural Team of Champions at Crown Casino in Melbourne, where he was named captain.
The 67-year-old also used the occasion to question the physicality and toughness of modern day footy.
"I would bring back the bump, be a little bit more physical," he said when asked if there was anything about the game today he'd like to change.
"It seems to me that they're just making the rules for boys to play with speed and confusion rather than skill and courage.
"If you can't run today, you can't play, which is a little unfortunate I think.
"You're taking away a lot of players who could play because of their skills but because they can't run they won't be looked at.
"I think it's overblown, I think you're trained to play the game. I can't see what the difference was from yesteryear to today.
"It was much more physical in those days, and they're getting just as many injuries today with all the rules they've got."
Matt Thompson is a reporter for AFL Media. Follow him on Twitter @MattThompsonAFL
