Jack Grealish's 89th minute equaliser denied Brighton & Hove Albion the Championship title away at 10-man Aston Villa as Newcastle United won the league on the final day of the season.
Glenn Murray's 23rd league goal from the penalty spot, after Nathan Baker had fouled Sam Baldock, had put Seagulls back in first on the hour mark after Newcastle had earlier moved top courtesy of their lead over Barnsley.
But Grealish cut inside from the left and curled a 25-yard shot that David Stockdale should have dealt better with to deny Brighton the title alongside their top-flight return, worth an estimated £170 million.
Newcastle's 3-0 home win meant that they finished first instead, when victory in any of Brighton's final three league games would have sent them back to the Premier League as champions.
Villa finish the season in 13th and will hope to rebuild for a promotion push in 2017-18, while Brighton - crestfallen after full-time - now begin preparations for life in the first division for the first time in 34 years.
Both sides make a handful of changes
Villa made three changes to the team that lost away to Blackburn Rovers last week with James Bree, Jordan Amavi and Albert Adomah all coming back into Steve Bruce's starting line-up.
Top goalscorer Jonathan Kodjia was sidelined after undergoing surgery on a broken ankle earlier in the week, with Adomah joining Hogan up top.
Brighton boss Hughton made five changes with the leaders welcoming back 11-goal striker Sam Baldock from a hamstring injury which kept him out of their last seven games.
Elsewhere Sèbastien Pocognoli, Fikayo Tomori, Jamie Murphy and ex-Villa midfielder Steve Sidwell were all restored to the eleven.
Pocognoli's blushes spared by Lansbury miss
Brighton's back-to-back defeats to Norwich City and Bristol City had allowed Newcastle to cut the gap at the top from seven points to just one when Brighton had twice had the chance to wrap up the league.
That meant that attentions were also turned to how Newcastle fared at home to Barnsley, although the Seagulls knew that if they won - regardless of the Magpies' result - first place was guaranteed.
But it was Villa who were the better team in the opening exchanges. Visiting goalkeeper Stockdale was forced to tip Henri Lansbury's effort from the edge of the area past his post.
And Villa should have been 1-0 up on 20 minutes after an error from Pocognoli.
The defender got his attempt to chest Amavi's cross back to Sam Johnstone in goal horribly wrong, allowing Lansbury a free header from just six yards out, but he could only steer his effort wide of the post.
Newcastle goal sees Brighton drop to second
As Brighton continued to struggle have a say, Newcastle took the initiative in the title race on 23 minutes through Ayoze Pérez, moving the north east side into first.
Sidwell had Brighton's two best first-half chances, glancing a header wide from an Anthony Knockaert free-kick before powering over a close-range attempt from Bruno's cross from the right.
Villa went close again on 35 minutes after another error from Pocognoli, this time a poor back-pass, allowed Hogan to seize on the loose ball, but Stockdale did well to force his low effort just wide of the far post.
Up the other end Knockaert slipped in Baldock to fire a right-footed shot over the bar from an angle as Brighton failed to test Johnstone - in goal for the final time on his season-long loan from Manchester United.
Injury forced Villa into replacing Hogan just before the break, the striker limping off in serious discomfort after a lengthy stoppage, with 19-year-old Keinan Davis handed just his sixth league appearance.
And from the free-kick that followed, Stockdale pushed Leandro Bacuna's effort wide as Brighton went into the break behind Newcastle by a point.
Newcastle double their advantage as Murray heads just wide
Villa had penalty shouts waved away by referee Darren Bond after Davis went down inside the box under a challenge from Lewis Dunk and after a scramble at a corner, the hosts fired over the crossbar.
Both sides increased the tempo towards the hour mark, Adomah's curler from distance and Hourihane's low drive calling Stockdale into action although both were simple saves.
And Brighton went close to the game's opening goal when Murray flicked Knockaert's cross just wide with a header and Johnstone saved well from Baldock's powerful effort before James Chester cleared.
And elsewhere Newcastle doubled their lead through Chancel Mbemba to leave Brighton needing a victory in order to win the league.
Murray fires in from the spot after Baker brings down Baldock
But Brighton reclaimed first place on 64 minutes when Nathan Baker was sent off for hauling down Baldock just as he was about to shoot inside the box.
And Murray stepped up to send Johnstone the wrong way from 12-yards, moving Brighton back above Newcastle by a single point and putting them back in charge of the title race.
The visitors almost doubled their lead with 22 minutes left as Murray latched on to a loose pass back to the goalkeeper but despite finding Baldock from the by-line, his strike partner couldn't connect properly to stab into an open net.
The game exploded into life and on the counter-attack, Grealish squared to Davis inside the box and the youngster spun towards goal only to see his tame shot saved.
Substitute Grealish spoils the Brighton party late on
Brighton searched for a second to surely confirm their status as Championship champions but Solly March, off the bench, fired narrowly wide from 25 yards before Sidwell couldn't keep his header on target at the back post.
Johnstone soon pushed Brighton captain Bruno's shot wide for a corner but Villa went close on a few occasions themselves, Bree's well-caught effort deflected just wide at the Holte End.
Hourihane then curled a free-kick over the wall that required a strong double-handed stop from Stockdale on 85 minutes with hearts in mouths among the 3,000-strong away end.
Just as it looked as though Brighton would absorb all of Villa's late pressure to grind out a victory that would make them champions, Grealish drifted into space from the left and curled a right footer which Stockdale couldn't keep out, allowing it to squirm beneath him.
That made it 1-1 and moved Brighton back down into second and they couldn't muster a response in the remaining minutes, Davis even squandering a chance to make it 2-1 to Villa.
The full-time whistle, combined with Newcastle's 3-0 victory at St James' Park against Barnsley, gave the Magpies the league title and left Hughton's charges in tears of devastation on the Villa Park turf.