But Stephen Hunt handed the fans what they thought was a lifeline with an equaliser just three minutes from time, although Spurs' win meant Wolves would have stayed up in any event.
"I am thrilled and I am very proud of the players," McCarthy said. "I am shattered physically and emotionally. I went through the wringer. I feel like I should be dancing up and down with my knickers on my head. I can't do that, because I have to stay professional, but that is how I feel.
"I said all along that it would come down to May 22 and it might even be goal difference or goals scored. I do not even know the exact outcome. All I knew at the end of the game was that we had stayed up."
Hunt's goal was potentially worth �50 million -- the value to Wolves of staying in the Premier League -- and helped the Republic of Ireland midfielder avoid an unwanted relegation hat-trick of English top flight after he'd previously gone down with both Reading and Hull City.
"At half-time, I couldn't look the manager in the eye," Hunt said. "I don't think anyone could. We didn't know what to say.
"We were down in the dumps but Mick got us going again with his team talk.
"It was the most stressful day of my football career. I'll enjoy the moment," he added.
"The couple of goals we got were vital because it changed the way other teams had to play. Birmingham had shut up shop and then they had to go for it in the end and got beat.
"I heard the fans singing 'we need one more goal' and I don't think I have hit a more sweet shot or a more important one. We were mentally strong."
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