The 21-year-old hacked down Alvaro Morata as the striker was bearing down on the Real goal and was rightly sent off for the cynical challenge.
The Uruguayan made himself an instant hero with fans as he denied their rivals an almost certain goal.
Real went on to beat Atletico on penalties to win the Spanish Super Cup, so Valverde’s tackle proved to be a match-winning contribution.
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Spain’s FA have only handed him a one-game ban, though, meaning he will only miss their LaLiga clash with Sevilla on Saturday.
It means he will be available when the two Madrid sides meet on February 1 in the first derby since the cup final.
Real later posted a picture of Valverde hold the man-of-the-match trophy with the caption ‘Not all heroes wear capes’.
The midfielder apologised to Morata after the game and said: “I know it’s not good what I did, but I didn’t have any other option.”