The Scotland international was the Owls' only representative in the Championship team.
The 26-year-old was the Owls' sole representative in the squad following a fine season that has seen him score twice and contribute two assists, but the Wednesday skipper believes that the midfielder's recognition proves that the whole squad has done well this term.
"It says a lot about Barry as a player that he was named in the Team of the Year, but our team has performed well," he told the Star.
"Barry's work rate is phenomenal and he has been great for us this season, but if we hadn't performed well as a team, we wouldn't have anyone in the side."
Although Bannan has been excellent this term, it is perhaps a surprise that Wednesday do have a player in the team. Carlos Carvalhal's rotation policy has helped create the unity that has made them so successful this season and has arguably prevented one member of the squad from being able to cement themselves as the team's talisman.
But with the squad still looking fresh ahead of their play-off games, and with opponents having many more names to worry about when they come up against Wednesday, it is safe to say that the strategy has paid off enormously for the Owls this term.
And the fact that Bannan has been rewarded for his own form is perhaps a bonus. But as Loovens hints at, it could have been several members of the Wednesday squad that were recognised for their contribution this season.