Their barnstorming 2026 run ended in Friday night's AFL elimination final as Geelong weathered the early Blues challenge and romped to a 33-point win.
Carlton were mired in a 1-9 start when coach Michael Voss resigned and Fraser took over as interim coach.
The Blues went on a tear, winning 11 of their next 14 games to finish 10th and clinch a wildcard berth.
They then upset Melbourne last weekend in their wildcard final to set up the Geelong clash and in the midst of their rally, Fraser was appointed coach for the next three years.
As Fraser gave his post-match media conference, the noise from the Carlton rooms next door demonstrated the buoyant mood at the club. This was no devastating finals loss.
But Fraser has repeatedly said over the last few weeks that there is much work to do.
"We know exactly where we're at," he said.
"Tonight was disappointing and we certainly don't want to be a club that lives in mediocrity.
"We don't want to be a club that's satisfied with finishing eighth.
"It's just a lot of work we have to do. I just don't think we can turn up (to) pre-season and think this keeps rolling on."
Fraser was happy with how they started on Friday night, but could not manage Geelong once the Cats ramped up their game and were able to generate more outside run.
"As frustrating as the result ended up being, tonight gives us some really good feedback around where we need to get to," he added.
Fraser said he had mixed emotions - proud of what they ended up doing this season, but mindful of the stark reality facing them in terms of the improvement needed.
"We were outplayed ... they were far too good," he said.
Young-gun defender Harry Dean had to leave the field in the second term after a kick to his face. While he was able to return, his absence disrupted Carlton.
"It's fair to say that hurt us, to a degree. His absence was felt, definitely," Fraser said.
Carlton chief executive Graham Wright said pre-game that they were keen to recruit free agents Buku Khamis (Western Bulldogs) and Joel Amartey (Sydney).
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