Australia's world champion Glenn O'Shea finished fifth in the first ever Olympic men's omnium event at the Velodrome in London.
O'Shea was leading the overall standings following their fourth event, the 4,000 metres individual pursuit, but he slipped back to sixth position following a disappointing showing in the 15km scratch race where he placed 14th.
He was still a chance of a medal in the sixth and final discipline, 1km time trial, but despite finishing with the third fastest time of 1:02.513 he could only marginally improve his overall standing.
O'Shea finished with a total of 34 points across the six events.
Denmark's Lasse Norman Hansen won gold with a total of 27 points ahead, of France's Bryan Coquard and Great Britain's Ed Clancy.
The omnium winner is the rider with the least points accumulated.
O'Shea won silver as part of Australia's team pursuit quartet and despite the expectation carried with being world champion, he was not upset with his result in the omnium.
"It's a tough one," he said.
"We missed out on the team pursuit where we were going for gold. I guess I went into the omnium probably not putting so much pressure on it.
"I know I am world champion but the omnium can be a mixed bag and I knew I'd be in the hunt. I knew I had good legs. It showed, I came fifth - it's not a bad result. I'm proud of what I have achieved."
Meanwhile, Australia's Shane Perkins progressed to the semi-finals of the men's sprint after beating American Jimmy Watkins 2-0 in their best-of-three series in the quarter-finals.
Perkins will meet France's multiple world champion Gregory Bauge in the last four, while Briton's Jason Kenny will face Njisane Phillip of Trinidad and Tobago.
Australia's Anna Meares also remains in contention for gold in the women's sprint, having qualified for the quarter-finals.
Meares, who claimed bronze at the world championships in Melbourne in April, will race against Ukraine's Lyubov Shulika.
Great Britain's world champion Victoria Pendleton, who won the keirin gold medal on Friday, is also through to the quarter-finals.