That loss, coupled with Newcastle United’s win over West Ham earlier in the day, left the Blades with an insurmountable gap to bridge with just six games left to play.
A Willian Jose strike settled the clash at Molineux, and interim manager felt that the result typified his side’s campaign.
He said: “It’s about results. No-one can fault their efforts and I think we should have had something out of the game.
“It typifies our season to be honest, the way that game’s gone.
We gave Wolves their best two chances and we got in too many positions to not produce more efforts on goal.
“We were on top, everyone could see that, and created our first clear-cut moment. Twenty seconds, the ball is in the back of our net and that’s the moment that probably typified the season.
“It’s not luck after 32 games and if you’re going to pick a game to typify the season, that would be it.”
Sheffield United will return to the Championship next season after a two-year stint in the top flight.
Norwich City have been confirmed as the first team who will replace them, with the Canaries sealing their promotion after Swansea City drew with Wycombe Wanderers on Saturday.
Here are today's biggest transfer stories and the latest team news involving Sheffield United and the rest of the Premier League, as the reaction to last weekend's action continues: