I looked into the two most recent questions with similar problems, but neither of them had an proper answer, here is my simulation. I applied smooth shading and solidify, has subdivision but not applied, all the other settings regarding collision and cloth simulation are shown in the video along side with the bake. I tried increasing the quality of both the cloth and collision, but would prefer a method which doesn't involve increasing too much of them again due to CPU capacity. I have no idea how to make the cloth do a free fall onto the objects, and then just fall off as normal cloth without bouncing around, please enlighten me, thank you very much! the video
One thing is that you have the Speed multiplier in 6 meaning that your cloth simulation is progressing "times 6" you also need to take care of other setting but that will depend on the effect that you want.
Hope that helps