As the Essendon faithful poured into Crown casino's Palladium room on Sunday night for the club's 10-year anniversary of its 2000 premiership, one supporter was heard asking: "When do you think we'll get another flag?"

Indeed, it was a pertinent question on a night of reflection for a once mighty juggernaut that has slipped greatly in recent years. The Bombers have continued to plummet this season and now not only do they appear further from a premiership than at any stage in the past 30 years but they even face the unpalatable prospect of finishing last this season.

This year there have been just five wins and they now sit in 13th spot - only two games ahead of bottom-placed West Coast.

Pre-season expectations suggested a top-six finish was realistic. Under Matthew Knights there have been just 23 wins from 60 matches, with the coach contracted until the end of 2012.

Just hours after an embarrassing defeat to Melbourne at the MCG on Sunday, more than 1000 guests gathered to celebrate the 2000 premiership - the club's last taste of ultimate success.

All the big names, as you would expect, were there, including former president Graeme McMahon, former chief executive Peter Jackson, former coach Kevin Sheedy and all the players led by James Hird, Matthew Lloyd and Scott Lucas.

Current chairman David Evans did not make any direct mention of Sunday's loss in his brief speech, but his message would have been pointed enough to the current playing list and coaches. Of the 2000 premiership, he said:

"It's also to signify what we play and administer for. We do this to win flags. I know that's how I feel.

"Yes, we need to protect our heritage and foster our culture to ensure the club remains and is great.

"Greatness comes with success, and 2000 we had a wonderful coach, a sensational captain and an unrelenting will to win at all costs team. They had success and success breeds greatness."

That will has been questionable since 2004 with just 44 wins from 126 matches. Certainly, there is nothing great about this current list.

The walloping the Bombers have received at the hands of Adelaide and the Demons in recent weeks has conclusively proved that.

As Demons great David Schwarz watched on from the commentary box on Sunday, he noted:

"One side is committed to going places, and the other is going through the motions. Really, I expected Essendon to almost come out today breathing fire after the performance they put in last week (against the Crows).

"There are a lot of (2000) premiership players here today and they went in to see the team before the game - but just nothing."

It's easy to see why the Bombers have slipped, particularly during their five-week skid. Knights made five changes through form last week and six in the previous three weeks. There's been no continuity among the team, a point not helped by injuries and suspension.

While much was made of the number of 50-metre penalties paid against the Bombers on Sunday, they would be better off concentrating on other issues. For instance, in the past month they are bottom three in disposals, marks, scores from stoppages and inside 50s.

That midfielder Jason Winderlich suggested on Monday that his team was not desperate enough against the Demons was an indictment on the club's leadership.

But the overall decline from 2001, when the Bombers reached their last grand final, remains a sore point.

Sheedy mentioned on Sunday night of how proud he was about the club's recruiting in the 1994-96 period, a time when they landed the likes of Lloyd and Lucas who would go on and share more than 900 goals.

It was through those years the Bombers rebuilt for a premiership, and that finally came in 2000 after the heart-ache of 1996 and 1999.

But the salary-cap debacle of 2001-02, when the likes of Damien Hardwick, Blake Caracella and Chris Heffernan were forced out because of the tight monetary squeeze, hurts to this day. It still bewilders that Mark Mercuri, a quality half-forward but no match-winner, somehow landed a lucrative five-year deal.

Club insiders have always lamented that period, and feel it robbed them of another flag.

In a bid to rebuild around Hird, Lloyd, Lucas and Fletcher, Sheedy brought in the likes of Ty Zantuck, Matthew Allan, Scott Camporeale and Justin Murphy - all unwanted by their original clubs and well past their use-by-dates.

It was a disaster waiting to happen, and that's how it unfolded. The Bombers finished 13th, 15th and 12th in Sheedy's final three years before he was sacked after the 2007 season.

While the Bombers did manage to scrape into the finals last year, they were mauled by 96 points.

If the faithful thought they were a long way from a premiership then, there's little light on the horizon right now despite the raw promise of Michael Hurley, Scott Gumbleton, Tayte Pears and Patrick Ryder.

Lloyd, who hasn't been shy of criticising Knights' game plan, has said it all comes down to attitude and leadership.

"You can have all the tactics and structures in the world but if your mind's not there and the effort is not there, it won't mean much. I think that's what it comes down to for the team now - it's all about effort and commitment and that's what the 2000 team was about," he said.

In his speech, Evans also praised McMahon, who presided over the great 1999-2001 run and attended Sunday's function despite having surgery on his back in the past fortnight.

"Graeme, your strong and visionary leadership has provided the club with so much more than a premiership in 2000," Evans said.

Never has that been more required at Windy Hill than now.