After winning just one group game against Uzbekistan, Roberto Martinez's team needed a last minute goal from Goncalo Ramos to edge past Croatia in the first knockout round, but the defending European champions proved to be too strong in Dallas.
Martinez confirmed his decision to step down immediately after the game and Ronaldo faces a crunch call over whether to retire from international football this summer.
The move to keep Ronaldo on for the full game against Spain drew major criticism of Martinez, as he again stuck with the 41-year-old and replaced other star names, including Vitinha and Joao Felix.
Ronaldo started all five of Portugal's games at his sixth World Cup, only being subbed off late on against Croatia, as his replacement Ramos conjured up a winner.
BBC Sport pundit Chris Sutton did not hold back in his assessment of Portugal with his blame focused firmly on Martinez and Ronaldo.
"He's (Ronaldo) waddling around the field like a grandad, that's why Portugal are out.
"Cristiano Ronaldo does nothing. Ramos played in the last 16 at the last World Cup and scored a hat-trick when the manager had a bit of courage to leave Ronaldo out.
"We're four years on, Ronaldo is four years older and look what's happened. What is Martinez doing? How can you pander to a player so much?
"Portugal are out because of Roberto Martinez."
Jose Mourinho has previously been suggested as an option to replace Martinez after the World Cup, but he's now out of the running after a return to Real Madrid, and veteran coach Jorge Jesus could be the leading contender.