A 7-1 thrashing at the hands of Germany sparked an angry reaction from critics and supporters, but Romario believes that it should not just be the players who take the blame for the embarrassment, as he continues to question the amount of money spent on the tournament.
"Yesterday was a very sad day for our football. Those with good memories will remember my words - off the field, we have already lost the World Cup," the 48-year-old, who is now a politician, told reporters late on Wednesday night.
"Sadly it was no different on the field. There is a crisis in our beloved sport. You think the problem is only the players or [Luiz Felipe] Scolari? No way.
"Our football has been deteriorating for years, being sucked dry by talentless moguls."
Brazil's campaign will finish against the Netherlands in Saturday's third-place playoff.