A 0-0 draw at Reading on Sunday confirmed that the Hoops would return to the Champions after a one-season stay in the top flight.
The 66-year-old, who took over from Mark Hughes in November, does not believe that it was a lack of desire that contributed to their downfall.
"I don't think they have lacked desire, what they have lacked is ability," Sky Sports News quotes Redknapp as saying.
"People keep saying what a good squad we are and that is absolute rubbish. We are where we are because of how good we are. It's not because they have not tried.
"It was a badly balanced squad lacking ability and if you started again with this team I still think we would get relegated."
QPR take on Arsenal at Loftus Road this afternoon.