Sherwood was sacked by Spurs on Tuesday after guiding the team to sixth place in the Premier League table during his five months in charge.
However, the 45-year-old believes that officials at White Hart Lane were foolish to demand Champions League football following the departures of players such as Gareth Bale last summer.
"At the beginning of the season the aim was to be in the top four and it always is for Tottenham," Sherwood told Sky Sports News.
"But when you actually analyse the season - taking out Gareth Bale with 21 goals, Jermain Defoe with 10 Premier League goals, Clint Dempsey with seven and replacing it with a very good goalscorer in Roberto Soldado who has never played in the competition before and six other players who'd never played in the competition before - realistically the expectation of finishing in the top four was far too great."
Sherwood is among the favourites to take charge at Brighton & Hove Albion following Oscar Garcia's resignation.