Playing devil's advocate for a moment:
Which is more exciting for fans of middling (no disrespect intended) Premier League clubs: treading water in the Premier League, or playing in a European cup tournament? Club owners obviously prefer the former, because it means revenue. That's the beginning and the end of their thought process.
But I think there is an argument to be made that, as long as the owners haven't mortgaged the clubs to the hilt to get to the Premier League, why not go for a Europa League? Wolves will never break into the top six more than temporarily, and what do they gain by finishing seventh? Some plaudits in the press and a Europa League spot. Why waste the opportunity to go on a real cup run? Knockout tournaments are easier to win than league championships, especially now that the super-rich clubs have made it impossible to break into the top. The worst that could happen is the club get relegated, and Wolves are in good enough shape, both on the pitch and off, to recover from that.
It doesn't make business sense, but in my mind, from a purely sporting perspective, if I were a Wolves fan I'd want to see my club focus on the Europa League and FA Cup. If you offered them 19th place in the Premier League plus a Europa League trophy, I bet 9 out of 10 fans would jump at it. As I said before, Wolves don't have the squad depth to compete on all fronts, so they have a choice to make. Focusing on the league is the businessman's choice. But is it the best footballing experience?