The Saddlers had beaten Leeds on Saturday but never appeared remotely like repeating the shock.
Hutchings said: "We looked a bit leg weary, which might be through the effort put in on Saturday, but Leicester showed what a good side they are.
"We did not deal with Steve Howard and Matty Fryatt, who caused us problems. Leicester had the energy in midfield which we didn't have."
Asked if he felt Leicester would end up as champions, Hutchings replied: "I think so. They have strength in depth."