Carvalhal's side lost 1-0 to Hull City in the Championship playoff final at Wembley on Saturday as their Premier League dream went up in smoke, with Mohamad Diame netting a 72nd-minute winner for the Tigers and pre-match favourites.
It was a fairytale season for Premier League champions Leicester City, but promotion to the top flight would have also been a hugely captivating story from a Sheffield Wednesday perspective, though it proved a bridge too far in the end.
The unfancied Owls have been exceptional in 2016, stringing together a fine run of form which had seen them guarantee themselves a top-six finish in the 2015-16 season.
But the Portuguese boss Carvalhal is under no illusions of how hard it'll be to right the wrongs from Wembley, insisting that promotion next season is a "very difficult task".
"We're a strong side, but we start our work in the months ahead to create a stronger side, month-by-month, year-by-year," he said via BBC Sport.
"To say we'll be among the promotion candidates is not a good idea. It's going to be a very difficult task.
"At the moment, it's a feeling we'll start next season better than the last one, for sure."