Manager Terry Connor admitted Wolves had not been good enough to stay in the top flight after a 2-0 home defeat to Manchester City on Sunday ended their three seasons in the Premier League.
Wolves have collected only two points from 10 games since Connor replaced the sacked Mick McCarthy in February.
Connor said: "Ultimately over 35 games we've proved not good enough to stay in the Premier League.
"It's a really emotional, really raw day today - not just for myself, but the staff, players, supporters, everyone connected with the club.
"The next few days will be tough and we've got three more games to finish the season
"Wolves will always bounce back, no matter who the players or manager are. The club will bounce back."
Of the fans, he added: "They were superb today and for the majority of the season they've been great."
Connor praised the side's commitment in the match against City but he was honest in his assessment of Wolves over the season.
"The lads gave everything over the course of the season," he said. "It's obvious we haven't been good enough.
"But we need to be competitive in the final three games. We have to show absolute integrity.
Connor insisted he had no regrets and added: "I've been very honest in what I've tried to do with players and the club.
"I have nothing to reproach myself from over the last 10 games. The reason we've failed today is over 35.
"I just want to get through to May 13th and get as many points as possible. I need all the players to commit to that and then sit down as a club and plot the future."
Sergio Aguero's 29th goal of the campaign opened the scoring midway through the first half and Samir Nasri wrapped up the points after the break.
Manchester City boss Roberto Mancini said of Wolves: " I don't think they deserve to be there.
"I'm very sorry for them. They fight for every ball.
"They play very strong always, every game they have a strong mentality."