Defeats to Italy and Uruguay, coupled with Costa Rica's 100 percent record, means Hodgson and his squad will return home after their final match on Tuesday without having made the knockout stages for the first time since 1958.
But former Liverpool boss Hodgson, who was given the Football Association's backing to lead the side until 2016, believes the young squad he selected can become a formidable outfit and does not believe he could have done any more to help them progress.
“No," he responded when asked if he had no regrets by reporters. "I absolutely believe it was the right way to do it, with these players. I do.
“I believe the team going forward will be a very good team. I think there are good young players.
"The team is evolving. It will evolve, of course. I don’t think there’s any need to doubt this England group of players will go on to do good things in the time ahead.
"I’m very low, yes. So are the players. We had high hopes, we thought we could make an impact.
"But to make an impact you’ve got to win games and we’ve lost both our games.
"We came here well prepared. But we’ve failed. We had really big hopes we were going to make the nation proud by going far in the tournament and we haven’t done that.
"I’m proud of the way they’ve approached it and everything they put into it. I’m just devastated they got nothing out of it.
"I thought when we equalised that might be enough. But the second was a very, very bad goal to concede and Luis Suarez punished us."
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