Patty Mills hit the floor and slid backwards, his turnaround jumpshot arcing over the world’s best basketball player Nikola Jokić on the way to the basket. 20,000 fans inside Bercy Arena in eastern Paris followed its trajectory, seeing it ripple the net. Another chapter in the story of “Fiba Patty”, a legend never to be dimmed.

The basketball journey of Mills the man is nearing its end, but the Boomers’ time in Paris is already there after their 95-90 overtime defeat to Serbia, who produced the biggest Olympic comeback of all time – from 24 points down – to progress to the semi-finals.

Mills, Australia’s Tokyo flag bearer and national treasure, turns 36 next week. Although in the minutes immediately after the loss he didn’t confirm his Boomers retirement, he did start reflecting on the journey. He has been to five Olympic Games and other veterans like Joe Ingles and Matthew Dellavedova almost certainly will not make it to Los Angeles in four years.

“We’ve just enjoyed every moment of this journey. It’s hasn’t been a smooth sailing ship, but you do it together, and you never take those moments for granted,” Mills said. “Through the thick and thin and the ups and downs, the happy tears, the sad tears, it’s been an incredible journey to be able to share with those guys, and hopefully the legacy that we will leave – at some point – will be able to help the younger guys.”

Based on what had just happened on the floor, Australia were very lucky he was still there. Mills had kept his team’s medal dream alive with a desperate shot that tied the match with 1.4 seconds left and sent it to overtime. And he was largely the reason the Boomers were even in the contest. A 20-point first half explosion gave the Boomers a foothold that only the might of Serbia – widely considered the second best team in the world – could dislodge.

The Australian’s form had been patchy in the lead-up to the Games, and his main contribution in Lille in the pool matches was a 19-point outing in the Boomers’ crucial win over Spain. His NBA career appears to be winding down too, after a season split between Atlanta and Miami saw him shoot 28% from three-point range.

So the early stages – when Mills started eight from 11 and helped Australia build a 24-point lead in the second quarter – came as something of a surprise. But, then again, that’s Fiba Patty.

His effect was rubbing off on Josh Giddey, too, who was Australia’s other attacking threat. And while he was effective as a shooter and showed promise as a creator, the 21-year-old’s contribution – of 25 points and four assists – was undermined by seven turnovers.

Giddey said afterwards the loss was a “tough pill to swallow”, particularly as it came down to a few possessions. “A lot of what-ifs. You can look back and say, we should have done this and that,” he said. “But the reality is for us, it’s over.”

And he felt he and his teammates let Mills down. “He deserved better, and it was up to us to help him get that ultimate goal of the gold medal,” Giddey said. “Whether it’s his last or not, he’s poured so much into this program, and his legacy will never, ever be forgotten within this country, in this tournament. You talk about Fiba Patty, one of the greatest to ever do it in these type of tournaments.”

Even Fiba Patty was no match for Jokić, Serbia’s big man who has redefined what an effective player looks like in basketball. The 29-year-old, who has won an NBA title and three MVPs in the past four years, is skilful, strong and creative. And it was he who turned around a 87-90 deficit in overtime. He had a steal, assist, block, and four points in the bonus period, and his trademark fall-away put Serbia up by three with 25 seconds left.

For the Boomers, this narrow defeat was a valiant effort. But after a mixed campaign, uncertainty around the coach and a roster in transition, the future is hard to ignore. With his final comment before exiting the venue, Mills gave perhaps his biggest hint, when asked to comment on Giddey. “Unbelievable talent, the Boomers are in great hands.”