I said early 70s i.e. the Wolves team from 70/71 to 72/73 (3 seasons) . . . early 70s isn't the mid or late 70s or even the 80s (where God forbid we were mostly awful).
70/71 finished 4th (equal 3rd on pts).
71/72 finished 9th (with a runners up in the UEFA Cup Final - Europa League equivalent)
72/73 finished 5th (with semi final appearance in both the League Cup & FA Cup when all teams had a go from the early rounds)
69/70 Wolves were consistently in the top 6 for 2/3s of the season before they fell away to 13th and in 73/74 they were mostly mid-table (finished 12th) but did win a major trophy - the League Cup.
Yes more teams had a chance as the game didn't have so much money concentrated with a handful of clubs who buy up all the best players - talent was more evenly spread across many clubs.
Our current team is better coached, with a far superior keeper and a much sounder defence; the midfield is interesting as Neves and Moutinho are genuine stars but Bailey, McCalliog and Hibbit would consistently score more goals (well the last 2 for sure).
Up front it's again difficult to compare as Richards and Dougan were arguably the best 2 strike force in Europe for close to 2 seasons, supported by the best winger I've ever seen in Wolves colours in Waggy; but then Raul, Jota and finally Traore are bringing something special to the table; but the EARLY 70s team had more goals in them but then they'd concede a few more as well.