Boss Jim Magilton tipped Hull to do well in the play-offs after the Blues defeated the Tigers 1-0 in the final game of the season.
Magilton said: "They've got experience, they've got movement. This won't bother them too much. We wish them well.
"At the end of the day, we just needed to win our game, which we did. It gives the players something to think about over the summer. It was that close.
"I can't praise my players enough for what they achieved today. They gave everything for the cause and deserved the three points, but obviously we knew we had to rely on other results and it didn't work out. It was a case of so near yet so far.
"But from where we were last season we have come a long way. We are moving in the right direction, but it's still frustrating and disappointing that we have missed out.
"The lads are down in the dressing room and they will be for a while, but we will dust ourselves down and come again.
"Everything about this club is ready for Premier League football. Going so close this time has just made me and the players even more determined to come back next season and finish off the job.â€Â
The Town manager vowed to make additions to his squad over the summer: "We're going to be bringing in better players. We're going to get rid of the players who are not going to take us forward.
"No one said it was going to be overnight. It's a building process and we're getting there.
"There will be changes in the summer and we will bring in new players but they will all have the same hunger the lads have here to get to the Premier League."
Magilton paid tribute to Jason De Vos and Fabian Wilnis, whose spells with the club are coming to an end: "Both Jason and Fabian have been very strong in the dressing room and been a fantastic professionals.
"They have been terrific servants to this club and have made my job a little easier with they way they have gone about their jobs."
Hull manager Phil Brown also thinks his side have what it takes to win the play-offs: "It's a lottery now, as every manager will tell you. We're in the semi-final of a cup. Watford are not the form team at this moment in time so, probably, going into the game, we'll be favourites. We'll be well-equipped for it.
"It was always going to be a good game of football. They played in an attacking formation, we played in an attacking formation. We disappointed in the final third.
"Over the 46 games, the players have been superb. It was a bridge too far. They deserve whatever plaudits they are getting but obviously we're disappointed we are just in the play-offs.
"If someone had offered us third at the start of the season, I would've taken that. To be disappointed at finishing third is testament to how far we've come this year."
Brown was amused that it should be Alan Lee who should score the goal which beat his side: "Ironically, the lad we tried to sign at the start of the season scores against us - that's probably testament to our scouting system."