Dai Young says a "fantastic" Leinster team remain the ones to beat in Europe and believes it will take something special to stop them retaining the Heineken Champions Cup.
The province marched on to a home quarter-final against Ulster as Pool One winners, leaving Wasps reflecting on a fifth European loss this term as the Irish heavyweights toppled them 37-19.
Leinster progressed as third seeds behind Saracens and Racing 92, with the quarter-finals being completed by England's sole survivors Saracens hosting Glasgow, Edinburgh tackling Munster at Murrayfield and Racing 92 meeting Toulouse.
The ties take place across March 29-31.
First-half tries from centre Garry Ringrose and hooker Sean Cronin rewarded a dominant opening half by Leinster at the Ricoh Arena, and Wasps could find no way back from being 20-0 adrift.
"We never gave up, but in saying that, we want to be competitive in this competition," said Wasps rugby director Young.
"This season, we haven't been good enough - we can't hide from that fact.
"It was always going to be a tough group when you have got Toulouse, with the form they've been in this season, and Leinster.
"I don't think there was much between us and Bath, but it has been a tough season for us.
"We have got to take it on the chin and dust ourselves off. We have got to come back after a break next week energised for a big block of games.
"The spirit was there today and we started playing some quality stuff, but the game is about 80 minutes, not 40 minutes.
"We need to be better for 80 minutes. We can't give away silly penalties, but we gave some needless penalties away today.
"It is still hurting at the minute, but you have got to give Leinster credit. They are a fantastic team, and they are going to take some beating in this competition again."