He would soon obtain a fourth place in the 1999 Copa América held in Paraguay and a historic bronze medal in charge of the U-23 team in the Sydney 2000 Olympic Games.
His dismal results in the qualifiers for the 2002 World Cup led to his dismissal after 66 official matches at the helm with a home defeat against Argentina (0-2) in 2000, two months after his exploits with the U-23 Olympic team.
On the 7th July 2007, Acosta resigned from managing the Chile national team immediately after their Copa América quarterfinal elimination, held in Venezuela losing 6-1 to eventual champions Brazil.
On June 3, 2008, he led Everton to their first Chilean League title in 32 years and ended the domestic dominance of Colo-Colo.[5] In late 2010, he switched to manage Cobreloa,[6] in his second stint in charge and was sacked in April 2012.
[7] He returned to Everton de Viña del Mar in January 2014 but left almost 9 months later for his last managerial role at Ecuadorean side Deportivo Quito.