I should've said 2011-12 not 2010. However Wolves are following the same pattern as his Millwall side, almost exactly:
Millwall 2009-10 Promoted from Lg 1
Millwall 2010-11 First season in the Champ and finishes a respectable 8th narrowly missing the play-offs
MIllwall 2011-12 Finishes 16th
MIllwall's playing style in the 2011-12 season can best be described as direct. Lumping balls back to front for Darius Henderson to knock down or head at goal. His favourite formation was a sort of 4-4-2/ 4-2-3-1 with Henderson the target man and willing runners Andy Keough (fulfilling the Dave Edwards role) and Steve Morison picking up second balls and chasing defenders around putting pressure on them. He also had young player sin from Premiership clubs he couldn't get the best out of (Andros Townsend and Harry Kane) or just weren't ready. He signed some really clogging rubbish in the centre of midfield and valued size and strength over ability (Liam Trotter = Conor Coady). He also signed and played unpredictable wingers who waould have one good game in six (Dany N'Guesan).
The back 4 were a bunch of hoofballers (Craig, Lowry, Robinson) and of course he signed James Henry (one bright spot I guess) so he could whip in crosses for the big centre forward(s).
It seems the same thought process of building his Millwall team is also happening with Wolves.
IF Jackett has the last say on transfers then it looks like he just flat out can't buy players who will take us up at this level. IF it is Thelwell identifying these type of players then he's, simply put, nowhere near good enough as a recruitment specialist to get players to get us out of the division. It is probably a combination of both and that doesn't bode well for our Jez's promise of promotion.