The collective collapse of a team’s performance is typically triggered by a critical event, such as performance failure or scoring of the opponent, evoking unhelpful emotions and their transfer between team members. These changes in emotional states also affect athletes’ cognitive processes and behaviors, maintaining the team collapse and prohibiting the team from recovering its performance. However, not every critical event and the emotions that accompany it evoke a team collapse, which is why athletes’ emotion regulation may play a key role in determining the performance outcome of a critical event for the team. To investigate this hypothesis, we conducted a retrospective-online survey study with 69 team sport athletes, assessing the emotion regulation strategies they applied in past team collapse vs. performance recovery situations, and how these strategies impacted them. We used quantitative measures to assess experienced emotions, individual and interpersonal emotion regulation, and depleting effects of emotion regulation in both situations and an open-ended qualitative question to assess interpersonal emotion regulation strategies in more detail. Athletes reported more unhelpful emotions and the increased use of affect-worsening and performance hindering individual and interpersonal emotion regulation strategies in the team collapse compared to the performance recovery situation. Athletes further indicated higher levels of effort regulating emotions and higher depletion levels in the team collapse situation. Our results highlight the importance of individual and interpersonal emotion regulation strategies in team collapse situations and indicate the use of more effective and less depleting strategies for sport teams to mitigate against a team collapse. Lay summary: This correlational study explored experienced emotions, individual and interpersonal emotion regulation, and its depleting effects in team collapse situations vs. situations where teams recovered their performance after a critical event. Athletes used inefficient, affect-worsening strategies, experienced more unhelpful emotions, and felt more depleted in team collapse vs. performance recovery situations.