The Saddlers were relegated from League One after a goalless final-day draw with neighbours Shrewsbury.
Martin O’Connor’s men knew only a win would suffice but results elsewhere meant even that would not have been enough to survive.
Unchanged from the 3-0 win over Peterborough, Walsall made a tentative start and there were no opportunities for either side in a quiet opening 20 minutes.
Sam Ricketts’ Shrews started to gain the upper hand and almost took the lead when James Bolton’s glancing header from Ollie Norburn’s corner was cleared off the line by George Dobson.
Greg Docherty was next to try his luck for Town, who were now well on top, but his right-footed drive was too close to Walsall custodian Chris Dunn.
The visitors were making little headway going forward, not registering an attempt until the 42nd minute when Andy Cook headed well wide from a Luke Leahy set-piece.
Walsall began the second period with more tempo and purpose, Joe Edwards steering a half-volley narrowly wide from a half-cleared corner.
Edwards had another effort just past the hour mark, driving infield and curling a left-footed shot towards the bottom corner but keeper Jonathan Mitchell pushed the ball away.
The Saddlers were in the ascendancy, Scott Laird seeing a goalbound strike blocked from a corner.
It was from a dead-ball that Shrewsbury had their first opportunity of the second half, an unmarked Bolton heading wide.
Another chance fell the hosts’ way with 17 minutes remaining, Tyrese Campbell creating some space for himself before firing straight at Dunn, who parried.
Needing a goal, the Saddlers brought on Aramide Oteh for Edwards and reverted to a 3-4-3 formation, with Isaiah Osbourne replacing Liam Kinsella shortly after.
Walsall fashioned a huge chance with five minutes left when George Dobson slipped in Nicky Devlin, who was denied by the legs of Mitchell.
Substitute Josh Laurent almost added salt to the Saddlers' wounds but his fizzing strike was tipped over by Dunn.
That proved the final opportunity as the Saddlers’ 12-year stay in League One came to an end.
Saddlers (3-5-2): Dunn; Johnson, Scarr, Laird; Devlin, Kinsella (Osbourne 83’), Dobson, Edwards (Oteh 78’), Leahy; Gordon, Cook.
Subs not used: L Roberts, Guthrie, Fitzwater, Norman, Ismail.
Attendance: 9,135 (1,649 Saddlers fans).