What killed them was two things for me (in the first half):
1) Quick turn over ball, spread wide, which the Reds scrambling defence was very very poor
2) Poor positioning from the men out wide, with a complete failure in their sliding defence
The Reds dominated the game at the start, and I wondered 20 minutes in that if the Reds had scored first, would the game have been any different? But after that first try the Chiefs exuded confidence. Incidentally, I screamed for offside as I thought the Chiefs player (Latimer) stepped around the ruck, but them's the breaks - the Reds should've done better to protect the ball, and then worked harder to get their defence wide on the turnover.
To make matters worse for the Reds, McLinden had an off day and dropped plenty of ball, and their kicking was poor. Even Barnes was missing tackles. Lots went wrong for the Reds, and the Chiefs were a class above.
Once the Chiefs get some confidence, then are a stunning team to watch. Donald is a real confidence player in particular, as is Lauaki.
For the next game, I'd actually bench Humphries, and move MMM to the second row with Higgenbottham back to the side of the scrum. Horwill and Van are similar players, and I don't think you'd particularly want or need both in the starting side.
Out wide, Reds have a real issue. Who do they pick for the next game? The Chiefs obviously targetted their inexperienced players in the back three. Connor's lack of wing play was obvious. Reds were forced to bring Fetoai to 13 and Ioane to the wring, problem is, Fetoai isn't up to S14 level, as he's shown often this year. The only other option is A. Fainga'a, who is really a 12 and has only been solid off the bench.
I'd persist with Davies, Connor and McLinden, I guess. The Reds don't really have any other options other than moving Ioane back to a wing and hoping for a miracle from whomever plays 13. The Reds could always through Connor in at 13, but as much as he is willing, I think that physically he'd be torn a new one.
The only good news for the Reds is that the Chiefs are a special team out wide. Not many other teams in the comp (if any) could so cruelly expose the Reds out wide like that. Hopefully.