As bleak and dull as their season looks I still don't think they'll go down. It's not that McArthy is good, nor is their squad, but lets face it...the likes of Wigan, Blackburn and either Swansea/Norwich are all worse than Wolves who like last season, have a bit of quality to see them through.
However, after their spending I thought they'd really go on to succeed this season with mid-table obscurity. It seems McArthy is too limited and they're stuck in a rut.