Wolves manager Dave Jones paid a rich tribute to his players after their Premiership adventure came to an end in front of their own fans at Molineux.
While second-half goals from Henri Camara and Carl Cort earned Wolves a deserved win against Everton, they were undone by events elsewhere.
Manchester City's win against Newcastle United sentenced Wolves to an instant return to the First Division.
Wolves can now only match City's point tally, but City's goal difference of minus two is far superior to Wolves of minus 37.
But Jones was pleased that his players have not gone down without a fight as they bounced back from falling behind to a third minute strike from Leon Osman to secure their seventh home win of the season.
Jones said: "I am very proud of all of the lads. They gave their all and I could not ask any more from them. But football does have a habit of kicking you in the teeth.
"This is not the time or the place to talk about what has happened this season. That will take place in the summer as we still have two games to play this season.
"But I still believe that there is a lot more to come from us if we can play like we did in the second half.
"We have bounced back in the past and if we can keep this team together then we can bounce back again next season." Jones now looks certain to face a battle to hold on to his star asset Camara.
His agent Willie McKay has already claimed that Premiership clubs are keen to sign him.
But Jones said: "The agent should keep his mouth shut. He is our player and he is under contract for another three years.
"I cannot see any reason why we should not keep him unless someone offers silly money." While Jones was pleased with the fighting qualities of his side, Everton boss David Moyes was left fuming that his tea, threw away a golden chance to secure only their second away win of the season.
Osman, in his first appearance since his return from a loan spell at Derby County, fired them ahead with his first ever Premiership goal.
But some poor finishing and the form of Wolves' goalkeeper Paul Jones denied Everton - much to the frustration of Moyes.
He said: "We should have had the game wrapped up in the first half.
"We had enough chances to have been four up by half-time and at this level you cannot afford to miss those kind of opportunities.
"We did not play as well in the second half, but this was a game that we still should have won to make ourselves safe this season.
"Now we just have to make sure we get the points we need in our next game." Wolves were caught napping after just three minutes when James McFadden made strides down the right wing.
He whipped in a cross that the perfectly placed Osman headed home at the near post.
But from then on they were frustrated by Jones who pulled off stunning saves from Tomas Radzinski and Wayne Rooney.
Everton should have put the game out of sight before half-time and they paid the price for not taking their chances against a revived Wolves who were a different proposition in the second half.
Camara fired Wolves back on level terms after 55 minutes when he scored his sixth goal in seven games with a swerving 25-yard drive after a short pass from Mark Kennedy.
Everton goalkeeper Nigel Martyn then pulled off four stunning saves from Camara before Wolves pressure finally paid off six minutes from time.
Kennedy whipped in a free-kick that Cort headed home, but it was too little too late for Wolves as the damage had already been done earlier in the season.
Man of the Match – Paul Jones: Made a string of superb saves to keep Wolves in the game before they battled back for victory in the second half.