Atletico Madrid failed to live up to the high expectations, in spite of the appointment of multiple Copa Libertadores-winning coach Carlos Bianchi. The defensive triangle of goalkeeper Leo Franco and central defenders Luis Perea and Pablo Ibáñez, all of which played a huge part in Atlético conceding only 31 goals. The defensive tactics left high-profile striker Fernando Torres alone up front, and despite having Maxi Rodríguez in support, the duo were the only players able to function offensively for the club, which responded with a €23 million signing of 18-year-old wonnderkid Sergio Agüero from Independiente.
Atlético had a rough start to the season, winning just one of their first 5 games. However, that game was against reigning La Liga champions Barcelona. After that, Atletico seemed to show some signs of revival with three wins in their next 6, but they did get humiliated 3-0 by Real Madrid at home. However they would then sustain their worst form of the season with 0 wins in 10 games, including losses against Celta Vigo, CA Osasuna and Real Betis, and their poor attack being exposed for all to see. Things improved significantly at the beginning of the second half of the season, going on a 5-game winning streak and impressively doing the double over Barcelona. That soon became false hope, with them winning just 3 times the rest of the season and finishing in a lowly 10th place.
The Copa del Rey brought no sense of improvement either. After iffy wins versus Las Palmas and Alcoyano in the third round and fourth round, both of whom were in the third tier of spanish football, Atlético then lost 3-2 on aggregate to Zaragoza.
Despite a tiny bit of improvement from last season, it was an underwhelming season to forget.
