It would also seemingly boost Wolves bid to avoid relegation from the Premier League but McCarthy, whose side face a crucial trip to fellow strugglers
Bolton on Saturday, believes Pompey could become more of a threat with effectively nothing to play for.
Wolves still have to play them at Fratton Park this season and McCarthy said: "I am not really into anyone going into administration to help us.
"We have got to finish above three teams, not just Portsmouth.
"We have got them to play and I wonder how it will affect them. Will they suddenly think 'well, we are just playing football now'.
"Is that a good thing or a bad thing? Does the pressure of having a chance to stay in the league help or hinder? Does the fact that they have had nine points deducted and (relegation) looks almost inevitable, does that help or hinder if you are playing against them?
"All of a sudden the pressure is off. They have got good players and who knows they might just turn up and relish the prospect of playing with no pressure at all.
"If it means Portsmouth do get relegated then it will mean all their players will be looking to get back into the Premiership next season so there is always something to play for."
While McCarthy and his fellow Premier League managers wait for Portsmouth's fate to be confirmed, all he is focused on is the crucial battle against a Bolton side who are just as desperate for points.
Wolves also face a trip to relegation rivals Burnley next month and McCarthy has no fears about the prospect of playing both teams away from home.
He added: "The away games don't bother me at all as we have played well away from home.
"The games we have coming up are huge games and they are an opportunity for us to put some distance between ourselves and Bolton and Burnley.
"They will be viewing it exactly the same and thinking they have got an advantage because they are at home.
"If we go to Bolton and take a point we will still be above Bolton.
"Never ever should a point in the Premiership be devalued, certainly for us lads in the bottom half of the table. Any point is so valuable."
Bolton v Wolves. Click here to bet.