The USMNT were hoping to defend their second regional crown this summer after raising the Concacaf Nations League title last month. Instead, they failed to reach a Gold Cup final for the first time since 2015.
Where did it go wrong? Who stood out?
It wasn't the cleanest night for the Arsenal goalkeeper. Turner came off his line and couldn't corral the ball a couple of times, leaving his defenders with some extra work to do. He made up for it, though, with a few spectacular reaction saves. Turner was left out to dry on Panama's goal, but made a good save early in the shootout to give the US a lifeline.
The LAFC defender struggled in the first half, caught out of position a couple of times and generally looked a step off the pace. Long made an important last-man tackle in the early minutes of the first half, but collided heavily with Turner and never looked like he fully recovered, coming off with 17 minutes to go.
Robinson was the best of the USMNT's center backs, which wasn't the highest bar to clear on the night. He struggled positionally and looked unusually slow to read the game at times, allowing Panama to get over the top on more than one occasion and struggling to command the penalty area.
Reynolds was strong defensively, but struggled in possession. He failed to connect on some of his passes and didn't offer a ton of production in the final third. He did make a crucial clearance to cover for Turner off his line, but it was mostly a frustrating night for the FC Dallas product.
Mihailovic was mostly invisible going forward, struggling to find any openings in the final third. His shift out to the left in the second half didn't help, and he never really made a mark on the game. He did find the back of the net in the shootout, but the US needed more from him on the night.
Sands was the best player on the field for the US. He controlled possession throughout the night and consistently found the open man in the final third, plus put in a couple crucial tackles. A strong performance that deserved more help around him.
The Venezia man made a couple of line-breaking runs from deep and was generally the most ambitious of the US's midfield trio. More often than not, though, Busio's ideas failed to materialize.
Cowell was dynamic without much end product. He hit the post after just 20 seconds, and he set up Brandon Vazquez for a couple of half-chances, but overall he didn't find the ball enough and didn't do enough with it when he got it. He's shown plenty of potential throughout this tournament, but needs to turn it into results.
Pushed wide right in the first half, Ferreira shifted to a more central role after the break to try and find the ball, but still struggled to get fully involved. The US are always better when he can find the ball consistently. Fortunately, he stepped up when it counted, striking... er, shinning... a gorgeous volley in extra time to equalize. His opening penalty kick in the shootout was saved, hit too close to the 'keeper
Callaghan kept a largely consistent lineup from the team that beat Canada in penalties just three days prior, and the lack of recovery time showed. They looked tired from the opening whistle, were uninspired in the final third and were too predictable in their rotations. His substitutions improved the team marginally, but nothing about the performance was up to their standards.
Roldan at least brought some composure in the final third, maintaining the ball well and combining well around the box. He also worked hard defensively and fought hard to win back possession.
Miazga wasn't an improvement defensively, and his distribution left a lot to be desired. He was beaten too easily, too often in the air. He made up for a lot of it in the shootout, picking out the corner emphatically.
Morris was the most involved of the USMNT's substitutes. His biggest contribution was his assist to Ferreira, flicking the ball along for him to volley in. Morris roofed his penalty kick in the shootout in style.
The young New York Red Bulls left back got forward well in his 16-minute shift and wasn't afraid to mix things up physically with Panama.
Gressel didn't get super involved in his 16-minute cameo, touching the ball just nine times. He confidently dispatched his penalty.