What now?

Hi, everybody. I usually play with premier league teams and whichever team I play with I can usually get them to a top 5 Uefa coefficient, but since getting FM09 I've been determined to a similarly good job with wolves (my favorite club) problem is I have no idea what to do when I actually get promoted (what players to buy etc.). And I dont want to be another Derby

I don't understand your concern mate. When you get Wolves promoted you will do whatever you did with the other Premier League teams.
Discard players you don't need for any fee or even on a free, and possibly sell a couple of your star players since it is possible that they would be wanted around that time and you won't be able to refuse a good offer.
Then, use the earned money to buy 1-2 popular experienced players and some promising young ones.
Rebuild your team with the newly added material and try to improve your training (get some good coaches too).
Try to keep wages as low as possible and everything will be fine.

Yeah if it is names you are after then im afraid we can't really help you. As games vary on who is available etc. But like stam said get a few experienced heads in the starting 11 preferably for defence and midfield. Try and get a top draw keeper if possible but dont blow loads of money on one. Remove all the unused players in your team. As an Ipswich fan when i took them to the premiership i straight away got rid of key players from the season before and i did fine at the top level. Richard Wright and Ivan Campo's wages are both 15k a week which when you only have a budget of 90k a week thats already 1/3 of it gone! So get rid of big earners and get young talent in.