Wolves manager Terry Connor held back the tears after his side were relegated from the Premier League following a 2-0 defeat by Manchester City.
but his side have failed to win since then and were relegated with three games remaining.
"It's raw for the players, supporters, staff and everyone connected to Wolves. It will be a tough few days," he said.
"We've proved we are not good enough to stay in the Premier League."
Wolves needed a victory to avoid the drop against the title challengers at Molineux.
However, goals from Sergio Aguero and Samir Nasri either side of half-time consigned them to the Championship next term.
"They've been doing that for a while now, putting in some performances and not quite getting the rub of the green," Connor said of his team.
"That happened again and it's a calling card for the season. We've done OK for the most of it but shot ourselves [in the foot] or had debateable decisions go against us."
Their fate having been sealed, Wolves, who have won just five league games this season and collected only 23 points from 35 games so far, must now complete their season with matches at Swansea, home to Everton and a final day visit to Wigan.
"The last three games will be difficult," the manager admitted. "It's an honest league and we've signed up for 38 competitive games and the matches might have a bearing on other teams so we'll show honesty, integrity and try to win as many points as we can."
Wolves midfielder Karl Henry was equally frank in his post-match interview.
"It's gutting for all concerned," he told BBC Sport. "The writing has been on the wall for a couple of weeks, though we've never given up.
"It's been a long season and the table doesn't lie. We've not been good enough this year and we need to bounce back now."
Wolves dismissed McCarthy in February after five-and-a-half years in charge at Molineux, with the club struggling in 18th place.
After interviewing several candidates for the vacant position, former assistant Connor was given the role until the end of the campaign.
Asked whether the removal of McCarthy with three months of the campaign to go had undermined the effort to stay up, Henry was circumspect.
"I don't think the change of manager helped," he said. "It's been a tough situation for Terry Connor to come into, and he's done a great job under the circumstances.
"We weren't doing fantastically under the old manager either. Ultimately we've not been good enough as a squad."
After the final whistle, veteran defender and club captain Jody Craddock tweeted: "Wolves fans were great today. Under the circumstances."