The blockbuster rematch of last year's five-set epic failed to live up to expectations as Alcaraz ripped the veteran to shreds and sealed a 6-2, 6-2, 7-6(4) win, retaining his title and taking his own major tally to four trophies.
"He deserved this win today. He was the better player from the beginning till the end," Djokovic told reporters.
"I tried to fight my way in the third and come back, saving three match points, extending really the match a little bit.
"But I guess it was inevitable for him to win today because he was just coming out on the court with better-quality tennis.
"It's as simple as it is."
That Djokovic was even in the final was a testament to his resilience considering he required surgery on a torn meniscus just five weeks ago.
Playing with a right knee support, the Serb took on all comers at the All England Club during the fortnight but his bid to equal Roger Federer's haul of eight Wimbledon titles went up in flames on Sunday after he ran into an inspired opponent.
"I did all I can to prepare myself for this match and this tournament. If someone told me I'd play Wimbledon finals three, four weeks ago, I'd take it for sure," Djokovic said.
"Of course, I feel disappointed. It's a bitter taste to lose the final the way I did today. It has to be a success at the end of the day with me and my team playing the Wimbledon final and losing to the best player of the tournament.
"I can always be self-critical, which I am. I can always find the flaws, which I can already see, things that I maybe should have executed better.
"I don't think that would change the course of the match. From the very beginning, you could see he was at least half a step better than I am in every way."
Djokovic will now return to Paris for the Olympics as he looks to salvage his trophy-less season with a gold medal at Roland Garros, where the tennis competition begins on July 27th.
"Let's see how I'm going to feel physically and mentally. Hopefully, I can find the right tennis because I'm going to need all I have and more to go to the final of the Olympics," Djokovic added.
"As far as coming back here, I'd love to. I don't have anything else in my thoughts right now that this is my last Wimbledon... I don't have any limitations in my mind.
"I still want to keep going and play as long as I feel like I can play on this high level."
