Hull City booked their place in the Premier League after securing a 1-0 win.
A moment of brilliance from Mohamed Diame 18 minutes from time was the only thing that separated the two sides, but the Owls arguably had goalkeeper Keiren Westwood to thank for keeping them in the game as he made several fantastic saves during the contest.
And while the Owls boss insisted that he was still proud of what Wednesday had achieved this season, he admitted that the right team booked their place in the Premier League.
"I must talk in two different ways. One, I think we had a really fantastic season and nobody expected us to finish in this position. Another thing is the final, and we played against a strong team. We fight, we ran, we tried to organise but today Hull were better than us and they deserved to win," he told Sky Sports.
As Carvalhal suggested, it has been an excellent campaign for the Owls. Few would have anticipated before the start of the season that they would finish inside the top six, and a similar number of people were probably backing them to beat Brighton in the semi-final.
Nevertheless, they managed to continually surprise those who doubted them until the final hurdle proved just too big.
However, the time it has taken Wednesday to move themselves from mid-table and into the promotion picture should give them huge amounts of confidence going into next season.