Karl Henry has labelled it a 'sad day' for Wolves after their relegation was confirmed following a 2-0 loss to Manchester City.
Terry Connor's men needed to see off City to stand any chance of avoiding going down, but the succumbed courtesy of goals from Sergio Aguero and Samir Nasri.
Henry admits his team-mates have held their hands up over their poor season, stating their form over the course of the campaign has not been good enough.
"It's a really sad day," commented Henry. "Speaking to the boys who have been relegated before they've said what a horrible feeling it is.
"I think for us the writing has been on the wall for a few weeks, but for it to be confirmed it's gutting for all concerned for the club.
"The players, we all hold our hands up. We've just not been good enough this season and I think there's nothing else we can say other than that.
"We've come up short this year. We got promoted. We won the Championship a few years ago and we stayed in the league twice though hard work and team spirit. This year we weren't good enough."
Terry Connor has taken charge of the club's last ten Premier League games following McCarthy's sacking, although Henry does not believe he is to blame for their plight.
"I think the timing was bad, we're all well aware of that. The chairman felt he wanted to move in a different direction. He's the boss," he continued.
"Terry Connor's come into a difficult situation. He's taken over and we've all tried to take his ideas on board. Unfortunately we weren't able to do it. We were already on a downward spiral.
"I don't think it's something that's happened since Terry's taken over. We were in the bottom three. We've been struggling all season. We've not been good enough and I'm gutted."