Wolff led what is without doubt the most succesful period in the team's history when they won the F1 championship every year from 2013 to 2021.
Last season was the first in nine that Mercedes were unable to win after Red Bull won it with ease.
However, despite Red Bull's dominance in 2022, Wolff isn't convinced they will be able to keep it up as other teams will be able to make up ground quickly with everyone being limited by the cost cap.
Furthermore, he isn't convinced it will even be possible for any team to maintain dominance for that long under a cost cap that essentially levels out the playing field.
"The landscape has changed. I don't think that anybody will run away with eight championships in a row going forward. This is the way the regulations have been designed," he said.
"We know who our competitors are today and there will be others tomorrow and after tomorrow because of the cost cap limits that have been set. This is what the sport should be, not one team, not three, but maybe five [fighting for the title]."
With Mercedes making up significant ground after a terrible start to the 2022 season, many feel they are going to be competitive right from the start of the 2023 campaing, but Wolff was playing his cards very close to his chest in that regard.
"I'm a glass half empty guy. I never believed that the job that we were doing is good enough," he said.
"How can I know whether we can bounce back to a position where we compete for Championships? Because you need to acknowledge that the competition is strong.
"But we will do everything in our power to set our objectives high and try to reach them."