Phil Davies' side showed improvement in the second half but Devereux was concerned with their poor performance.
"There's something not right there. They are playing with no confidence at all," Devereux said.
"Let's face it, they
beat a bad Edinburgh
side in preparation for the game whereas Exeter beat Gloucester.
"Exeter are a good little side. They're not full of any superstars but they put the effort in and play as a team.
"At the moment I don't think the Blues are playing as a team or playing for each other."
Matters will not get any easier for the Blues, who face reigning champions Toulon at the Arms Park on Saturday.
The French giants made something of a statement at home last weekend by beating unbeaten RaboDirect Pro12 leaders Glasgow 51-28.
On Saturday Exeter ran riot in the first half at Sandy Park, scoring five tries to take a comprehensive 36-3 interval lead.
The Blues mounted a second-half comeback, securing a try-scoring bonus point for their efforts after the Chiefs had two players sent to the sin bin and were forced to play with just 13 players in the final quarter.
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