Despite starting the season in blistering form, the Dutchman suffered a drastic slump in performance which allowed McLaren star Lando Norris to mount an unexpected championship challenge.
The Brit had chipped away at the defending champion's advantage in recent months, but ultimately conceded the title after his Red Bull counterpart secured a stunning victory in Brazil.
Will Max move on from Red Bull?
Verstappen's 2024 struggles haven't been restricted to racing, with the 63-time grand prix winner creating headlines away from the circuit too.
He was hit with an unusual punishment after swearing in a press conference at the Singapore GP, and launched a protest against the decision in future press conferences.
His own future at Red Bull has also been widely debated, with rumours circulating that he will soon be looking for a fresh challenge, something which Verstappen himself has denied.
But now, his father has admitted that it's up to the team to demonstrate they are capable of bouncing back after a disappointing season, if they want to retain their star asset.
The defending constructors' champions are set to finish third in the 2024 standings having been outperformed by both McLaren and Ferrari since the summer break, and will need to make a big improvement if they are to regain their crown next year.
On whether or not Verstappen will stay at his current employers, his father told Formule 1 Magazine: "A lot depends on what happens here at Red Bull.
"Look, if they can do it again next year and we're at the front, then Max will simply stay."
On whether Red Bull will continue having a team in F1, amid speculation that the company might wish to move on from the sport, he said: "I do have the idea that things are going well, still, and that they absolutely want to continue.
"I don't think they are thinking about stopping. The fact that they are going to develop their own engine from 2026 also shows where they stand.
"Then you commit yourself for the long term - you don't make such a huge investment for a few years.
"For Red Bull, Formula 1 is still the ultimate marketing machine."