Goals to Kyle Bartley and Pablo Hernandez levelled the score, but the first half capitulation was too much for The Whites to recover from as they failed to find a vital winning goal against the Canaries.
Leeds manager Garry Monk said it was "difficult to be critical of the group, as we've said for so long how much they've given to the club".
"The reality is, the majority of the group were not quite ready for this situation. They were not ready. And that's not a criticism, it's just a fact," Monk told BBC Sport.
Brighton and Hove Albion and Newcastle United have already secured promotion into the Premier League by finishing in the top two spots in the Championship.
Teams ranked third to sixth - Reading, Sheffield Wednesday, Huddersfield Town and Fulham - will play one another in a play-off format to determine the third and final club to be promoted into the top tier of English football.
Sunderland became the first of three Premier League sides to be relegated down to the Championship overnight as they lost 1-0 to Bournemouth at the Stadium of Light, ending their 10-year stay in England's top flight.
With one game left to play for Leeds this season, Wood's focus will soon switch to All Whites duty, with the national side's Confederations Cup campaign just under seven weeks away from commencing against hosts Russia in Saint Petersburg.
The Kiwis will play friendlies against Northern Ireland and Belarus in the lead-up to the tournament, meaning Wood will have minimal rest following the conclusion of his club season.