Newcastle coach Adam O'Brien insists the club is on the path to winning a premiership after making the finals for the fourth season in a row under his stewardship.

The Knights were knocked out of the title race with a 28-16 loss to North Queensland on Saturday night in a pulsating clash that was only decided in the final minutes.

Newcastle have won two titles - in 1997 and 2001 - and O'Brien said repeating those feats was far from an impossible dream.

"We are proud that we are in finals but we are not content with that either," he said.

"I don't think tonight is the night to search for answers for why we got beat, but we are not content for just one week in finals.

"Each day we want to bring success to Newcastle and we would love to win a premiership. It takes time and a lot of effort. We are on the path. We have just got to stay on it."

The Knights were 15th after seven rounds this year and rallied to finish eighth. Inspirational captain Kalyn Ponga, who was magnificent against the Cowboys, missed almost half the year with an injured foot.

They were four points outside the top eight with three rounds to play but won all three to make the play-offs. Last season they won their last nine games to participate in the finals.

"Ideally, you don't want to put yourself in a position where you have got to win every game at the back-end but some of it with us is because we didn't have (Ponga) for 11 weeks and you saw what he did out there tonight," O'Brien said.

"I know people say we rely on him a lot but we were missing (centre) Bradman (Best) and a chunk of high quality players at the start of the year and we had a tough start to the year with travel.

"We didn't cave in and that is why we are here tonight."

The Knights led 12-4 at halftime against the Cowboys despite only having 38 per cent of the territory.

It was only in the final seven minutes that their opponents scored two tries to win, with the Knights showing the tenacity and steel they are famous for.

"It is never nice losing a finals game but we can look back at a season where we were gritty and tough all year," O'Brien said.

"There were plenty of things said about us and no-one really gave us much of a chance but we managed to stick together, stay united and fought.

"I thought we did that tonight and I don't think the scoreboard is a reflection of the fight and effort that is in this team. They are good traits to have in a footy team, as men, husbands and fathers and all the things these guys have got going on.

"Yeah, we want to be sitting here talking about a win but it is not through lack of having a go."