What you describe is VERY common in new divers. The muffled sound is from fluid in your middle ear, as you have surmised. An irritated eardrum is more a sign of otitis EXTERNA from bacterial irritation of the eardrum (think retained pool or sea water), although it could be eardrum irritation from overly forceful repeated Valsalva maneuvers.
The middle ear fluid should clear on its own in 3-10 days. If you have otitis externa (key sign: pain in the side of your head when you pull back on your ear), then a little swimmers ear preparation (alcohol and glycerine) will help it clear in its own. Antibiotics for either otitis media (middle ear) or externa (ear canal) are rarely indicated. Maneuvers described by
@Seaweed Doc above may indeed help. Be careful of rebound tissue swelling from repeated use of decongestants, however.
But the key is prevention. "Clear early and often" is our mantra for this very reason. Fluid in the Eustachian tube or middle ear can indeed be just water that seeps in as your body tries to equalize the lower pressure in there from late attempts to clear. But early in your diving career, it may also be serum which has seeped from the tissues because clearing was inadequate and residual negative pressure remained for awhile. Serum is much thicker and takes awhile to clear. Rarely, it can become infected, so return to your doctor if pain increases.
Practice makes perfect. Don't be too forceful. Clear early and often. The more you dive, the more this will become routine. Most of all, don't worry. This is a really frequent observation, but rarely among more experienced divers. It's just one more skill you need to master.
Welcome to the diving Brotherhood/Sisterhood! Enjoy!
Diving Doc
MOD: Perhaps extract these last three posts and move to Beginners Forum? A common issue.