We theoretically analyze the experimental observations of a spectral line collapse in a metamaterial array of asymmetric split ring resonators [Fedotov et al., Phys. Rev. Lett. 104, 223901 (2010)]. We show that the ensemble of closely-spaced resonators exhibits cooperative response, explaining the observed system-size dependent narrowing of the transmission resonance linewidth. We further show that this cooperative narrowing depends sensitively on the lattice spacing.