"He was trying but his body just said he was really tired," Todd said. "It was disappointing but it could have been a lot worse.
"We might have had our eyes on [team] gold but it's a tough competition and we have to be happy with the bronze."
Prime Minister John Key was among those lining up to congratulate the team on taking away the country's first medal. "Congratulations to the NZ Equestrian team for winning a bronze medal in the three-day eventing - NZ's first medal of the 2012 Olympics." he tweeted.
New Zealand started the day in fourth in the team's event, but less than one dropped rail behind Sweden in third and Great Britain in second.
The picture was shifting constantly as riders followed each other in quick succession but with all the top riders towards the end of the field it meant the pressure started to rise.
The first three Kiwi riders of Jonelle Richards, Caroline Powell and Jonathan Paget all picked up time or jumping penalties but it was Paget's four penalties for a dropped rail which proved the more significant considering he was likely to be New Zealand's third counter along with Nicholson and Todd.
"I'm really, really disappointed to have knocked down a fence," Paget said. "It was tough out there because it's hard to be clear. I don't know what happened [with the dropped rail]. Maybe I could have timed it a bit better."
Nicholson did just that with a round he described as "effortless". "It felt like he was being ever so careful and very rideable."
Nicholson rode clear and well under the time to put further salt into his considerable wounds that he could have won gold in the individual event. He is still upset about his dressage round which was held immediately after a controversial 10-minute weather delay.
Nicholson's round put New Zealand in a good position and it looked even better when Sweden's Ludvig Svennerstal dropped two rails immediately after.
It gave Todd a little breathing space - he could afford to drop two rails - to ensure New Zealand won at least bronze and he needed them. He was clearly deflated afterwards because of the effect it had on his individual chances but he might soon reflect on his place in New Zealand Olympic history.
Incredibly, his medals span nearly 30 years. He famously won back-to-back gold medals in 1984 and 1988 and backed it up with individual bronze in 2000. He also won a team bronze in Seoul in 1988.
New Zealand finished on a team score of 144.4, with Great Britain on 138.2 and Germany on 133.7.