The Republic of Ireland international believes that the players must take full responsibility if the club is relegated from the Championship
Hunt was part of the squad that was relegated from the Premier League in 2012 and as Wolves face into a second successive relegation, the 31-year-old said that it will be a "disaster" for the club.
After losing to Burnley, Dean Saunders side currently find themselves second-from-bottom in the English Championship and they require several results to go their way on the final day of the season if they are to avoid relegation.
"The league table doesn't lie unfortunately - you have to take it on the chin," Hunt told the club's official website. "There's not much more you can say really - it's a disaster for the club if it happens.
"But it has happened to teams before and it will probably happen again."
He continued: "It's about a rebuilding process now, so hopefully the club will come back stronger.
"It's to do with what happens on the pitch at the end of the day - our performances across the season as a whole have got us relegated and we as players have to take it on the chin."
Despite impending relegation, the Republic of Ireland international believes that Dean Saunders should be given time to turn around the club's fortunes.
"The manager has come in and it sometimes takes time for a manager to settle," he said. "But he's obviously bedded in and over the last ten games we've done well - we've been right up there in the form table.
"He absolutely should be given the chance to continue," added the midfielder.