Two first-half goals from Kazenga LuaLua meant that Saunders' men became the 13th team to be relegated from the top flight to the third tier in successive seasons.
Saunders said he had no regrets at walking out of a winning situation at Doncaster, who won League One, to take over at Wolves. He has yet to receive assurances over his future but he is determined to get Wolves back up.
Saunders said: "Our fans have had three years of pain. I'll be delighted to try and change it for them. I'm up for the fight."
When asked if he had the backing of the club, Saunders replied: "I'm not certain about that. I've got a contract having been here three and a half months.
"We've got an opportunity to make drastic changes. The mentality in the club is not right. You have to be ruthless and start again. In a strange way, what has happened might help us bounce back.
"Our fans, all 2,000 of them, were magnificent. Can you imagine if I get it right at this club with fans like that? Hopefully I can build my own team and if it goes wrong you can blame me.
"You can use what has happened at Brighton as an example. I played for them 20 odd years ago. They went bankrupt and had to ground share, but here they are knocking on the door of the Premier League."
Brighton boss Gus Poyet admitted the Seagulls' play-off semi-final against arch rivals Crystal Palace would not be a "normal" game.
He said: "It is not a normal game. How can you make this into a normal game of football? I will be trying my best to think only about football. What it comes down to is two games. We'll have a great go."
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