COLLINGWOOD'S recent form slump that culminated in a "panicked" performance in last week's heavy loss to Hawthorn has put their flag hopes in serious jeopardy, according to Essendon great Matthew Lloyd.

The Magpies were effectively three wins clear of second-placed Brisbane at the end of round 17, and a top-four berth looked a formality with seven games to play.

But a narrow away loss to Gold Coast the following week began a run of four defeats in five games, ending with a confidence-sapping 64-point loss to the Hawks in round 22.

In that time, the Pies have plummeted in key metrics, including points for, points against and attacking efficiency. They're now third on the ladder and not certain to play finals at all, let alone lock up a top-four berth and the double chance. 

"Where do you start if you're Craig McRae?" Lloyd asked on AFL.com.au's Access.

"Because their scoring profile's dropped off and their greatest asset was their team defence. That's dropped off dramatically where they've gone from first to 10th. They used to punish you off turnover; that's gone as well, disappeared, and they can't score."

As concerning as the eventual margin was in the loss to the Hawks, Lloyd said it was the manner of the defeat that raised alarm bells.

Costly turnovers from reliable stars including Nick and Josh Daicos, two-time All-Australian Dan Houston and premiership captain Darcy Moore were a huge issue and showed the Pies were "a shell of themselves".

Hawks ruck Lloyd Meek kicked three goals in a career-best showing against his Collingwood opponent Darcy Cameron, and Lloyd said the big man needed to produce more in the final two home and away games against Adelaide (Adelaide Oval) and Melbourne (MCG).

"I think they went after him. I think they went after Darcy Cameron, and he isn't playing as well (as earlier in the year)," Lloyd said.

"When a ruckman kicks three goals against you, well, you know you're in trouble as a team. So he's got to step up. It starts with Darcy Cameron in that midfield against the Adelaide Crows and Reilly O'Brien this week."

Lloyd's co-host, Damian Barrett, said he harboured serious doubts as to whether the Pies could pull out of their form slump and salvage their flag hopes.

"They've got games against Adelaide this week coming and then Melbourne I'm not convinced they can actually retrieve this," Barrett said.

"No I'm not either because as I said I don't know where Craig starts because they're not offensively going well and not defensively going well," Lloyd said.

"They can crank up their tackle pressure and things like that, but it only takes you so far. Are they too old? Are they too slow? They're the questions that are being asked.

"So a bit like Sydney last year, where they were miles ahead, but at the business end … don't worry about June, July. You want to be cranking up and going well in August and they're not going well at all."