The side dipped out in its goal for the season of winning the championship when it lost 17-14 in a heartbreaker in the Mitre 10 Cup championship final against North Harbour last Friday night.
The loss meant it will remain in the second-tier championship division next year, while North Harbour moves up into the premiership division for 2017.
Right from the start of the season, Otago's goal was to make it out of the championship and to have come up short was disappointing for the team.
Coach Cory Brown said he was extremely proud of the effort the side put in over the season and had to be pleased with their efforts.
``Players have made some real progress and had to adapt to play under some new rules which was not always easy,'' he said.
``I was very proud of the way we played this season. To make it all the way to the final, playing some really good footy, players played really well and came together as a team.''
Brown said the side needed to work on being able to execute play correctly when under pressure.
The side missed three penalties in the second half of the final.
Brown would spend the next couple of weeks going through reviews with players and other parts of the management team.
Assistant coach Ben Herring was moving to Japan so a new coach was needed for that role. Brown said Herring had done a good job and would be missed.
The appointment of Herring's replacement would not be rushed and it was about finding the right person.
Loose forward Naulia Dawai and winger Jack Wilson were off to overseas deals while No8 Paul Grant was taking up a contract with Bath but may be back for next season. Other players may look elsewhere, depending on Super rugby selection for next season.
Brown said the goal was to always build up depth.
The crossover draw, which pits the games between teams in the premiership and championship, would be staged this week.
By finishing second in the championship, Otago will host Auckland next year which finished sixth in the premiership. The opposition for Otago's other three games against premiership teams will be decided this week.
Otago Rugby Football Union general manager Richard Kinley said there had been suggestions about changing the competition.
A meeting of provincial chief executives and general managers last month had thrown round a few ideas but nothing concrete had emerged.
``There was a whole lot of ideas and scenarios thrown around but nothing concrete. The general feeling was that a union might do really well one year, like Manawatu a couple of years ago, and then go down the next year.
``But in that one season when they are playing well, they never get the chance to go for the top prize. The feeling is everyone should have a chance to win the big one.''
New Zealand Rugby was open to ideas but the competition was restricted by having to play in a 10-week window.
Crowds were down across the country although the Otago balance sheet would get a boost from hosting a semifinal and final.
