Head coach Carlos Carvalhal admitted he was left heartbroken after their Championship play-off semi-final defeat to Huddersfield Town last night.
The Owls, last year’s beaten finalists, lost 4-3 on penalties to the Terriers at a raucous Hillsborough.
It had finished one apiece after normal and extra time. A Tom Lees own goal cancelled out Steven Fletcher’s 51st minute opener.
Fernando Forestieri missed the decisive spot kick in the shoot-out. The Owls’ 12-goal top-scorer was denied by Liverpool loanee Danny Ward.
Carvalhal said: “It is a tough one to take. At the moment, our hearts are broken. We had an expectation to go the Premier League, not just the final.
“It is a missed opportunity. We had a chance again to get promoted and that is the reality.”
The Portuguese chief, who is out of contract this summer, is confident Wednesday can bounce back from this disappointment.
“I think the base of the work is here,” insisted Carvalhal. “In two years we have achieved two play-offs.
“We finished sixth and then fourth with more expectations.
“People may think it is easy but it is very hard to achieve in the Championship.
“We finished with seven more points than last season and we improved the team.
“I think the club is in a new era and can do better and better in the future.”
He refused to blame Sam Hutchinson or Forestieri for their penalty misses.
Carvalhal said: “That is football. Penalties are a lottery. We lose and win together at Sheffield Wednesday.”