I think it's both. The journos were wrong: there is no way we were ever going to be a top four team. The idea that we had a "strong roster" was based on the assumption that we had a "superstar halfback" and a "superstar fullback" to lead us around the park, neither of which has proven to be true.
At the same time, yes, we have underperformed. Having most of our forward pack out injured has exposed our lack of depth, but the most disheartening thing about the season has been our complete lack of fight. Some of the "efforts" from our senior players have been nothing short of shameful.
And you're right: no amount of platitudes from Seibold will mask our sh#thouse performances. As well as the "proud of the boys", "we were in the fight" lines, I am really, really getting sick of hearing about how good the opposition was: "We were up against a pretty fair side, right?" Yes, Seibs - it's the NRL. You're going to be playing against good teams, and you need to find a way not just to compete with them for 20 minutes a game, but to beat them.