So long as other predators are properly managed (e.g., there are no far flung restrictions on lion and bear hunting), the intro of wolves won't be as impactful.
The real danger is when there are far-reaching restrictions on controlling other predators (arising from activist DFW commissioners or ballot box biology), that over the long term (15+ years) there will be a significant change to the landscape as far as hunters/tags are concerned.
Having said that, as I've posted elsewhere in these forums via a recent article that focused on wolf/moose populations in NE Oregon, some (including biologists) believe that wolf expansion into E. Washington was why a budding herd of forest caribou could not establish, and in fact disappeared. Same with the moose population that started to establish in NE Oregon. In combination with Oregon's 1990s ballot box biology restrictions on other predator control (lions and bear), wolves moving in took care of the Oregon moose (though some are still around).
This means that assuming CO wolves establish and populate (which they will), and expand, then if CO voters also pass lion and bear restrictions, though it will take a while after that, eventually CO hunters will have a lot fewer tag options. Just my opinion (and based on what I've seen locally here in OR).