Leeds featured in a 5-5 draw with Liverpool but were already out by then after losing to both Sheffield teams.
A goal from David Reeves gave Wednesday a 1-0 win over in the opening game.
Andy Williams scored a goal in United's next game but it was Sheffield United who won 2-1. Steve Hodge was sent to the sin-bin after complaining too passionately after having an appeal for a penalty turned away.
Both defeats meant Leeds could not qualify for the final but they they produced a fine display against Liverpool.
Carl Shutt scored twice with Hodge, Chris Kamara and Neil Aspin also getting in on the act in a 5-5 draw.
That was enough for Liverpool to qualify for the final where they outplayed Wednesday 5-1.