Hull currently sit 10th in the Championship, six points behind the play-off spots with just three games remaining.
Although it is still mathematically possible for the Tigers to make the top six, Barmby believes that today's draw has realistically ended their promotion hopes.
"I'm gutted for them - not for me because I don't particularly care about myself. I'm gutted for them because I genuinely thought we could get in the play-offs and that's not me putting my Hull City hat on," said the former England international.
"I think the ability that they've got, we should be challenging really in the play-offs and we haven't managed to do that.
"We have had injuries to key players, which [means that as a] team you are going to struggle but I'm gutted for them today."
Hull's next game comes this Tuesday when they host Barnsley.