The Blues bowed out 3-1 on aggregate after losing by that scoreline at Stamford Bridge as Atletico set up a final against city rivals Real in Lisbon on May 24.
Carragher said: "Think of the attacking talent at Chelsea. But they've scored two goals in six Champions League semi-finals.
"They had an off night defensively and didn't have enough creativity."
Former Blues midfielder Michael Ballack said: "They (Atletico) deserved it. 3-1 was right. It's new for them to be in a semi-final but they had confidence."
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