Tigers Development XV lost 30-22 against London Wasps on Monday night, falling to a 64-49 aggregate defeat over the two legs and just missing out on a third successive A League triumph.
"Collectively, the players, the coaches, and I'm sure our members, were very disappointed because, once again, we had a fantastic turn out and, unfortunately, we weren't able to do what we've done in the last two years," said Key.
"I don't think it was a case of us not creating chances or not putting ourselves in a position to win it. On the night we didn't take our opportunities when they came our way. We were perhaps a little naive at times and there were certain things we could and should have done to counteract their defensive system. That's a little disappointing from our perspective as coaches, and I'm sure when the players look back and reflect on the game, they'll be the first ones to acknowledge that we probably could have done one or two things differently at different times in the game."
Despite not walking away with what would have been a hat-trick of trophies, Key and his fellow coaches believe the level of play on show in the A League will have had a profound effect on the future of his squad.
"We were really pleased that Wasps took the competition as seriously as we do. When we look at what Wasps are doing as a team and you see some of the guys in their squad who have come through the academy, we can see the similarities with ourselves. Both teams have tried to get the right balance between those players who aren't getting regular senior games for one reason or another and need to play and the very best academy lads who are trying to knock on the door. If you get those two things right on a regular basis, then hopefully it shouldn't come as too much of a surprise finding ourselves in the final of this sort of competition.
Although winning was the over-riding aim once Tigers had reached the final of this year's competition, the overall objective is far broader, and perhaps even more more important for the future of the club.
"The ultimate goal is for the guys to work their way into the first-team squad and I've been massively pleased with the performances of the youngsters this season. So many of these lads have really grown as players and that's been reflected in the fact that a number of them have represented England at youth levels during the season. Gregor Gillanders, who was brought in at the beginning of the season and probably wasn't expecting to play too many games, suddenly found himself leading the lineout and playing in everyone A League match of the year. Ben Youngs has had his opportunity at the back end of the season, then there's the likes of Greig Tonks and Jack Cobden and a number of others like them. Their progress has been a massive step forward for us and we're very pleased with that."
