Fry hails 'David and Goliath' Wembley win for Posh
Posh tore up the form book and beat League One champions Birmingham City 2-0 in Sunday's final at Wembley.
Fry, the club's director of football, said he was proud of the players after a difficult league campaign hampered by injuries.
"I might have a glass or two of wine to celebrate, or a bottle even - who knows," said Fry, who promised himself a day off on Monday.
Birmingham had been overwhelming favourites to win the final, having clinched the third-tier title on Saturday and beaten Posh in the league on Tuesday.
However, they found no answer to goals from Peterborough's Harley Mills and captain Hector Kyprianou in the first half.
"We were, once again, underdogs and we showed our talent," Fry said.
"We've underachieved this year in the league, no doubt about that. The players set their own standard and we've all fallen way below them."
The occasion was dubbed the "Barry Fry final" because of his ties with both clubs, with the 80-year-old having managed Blues between 1993 and 1996.
But Fry nailed his colours to the mast in the build-up to the game, firmly backing Posh to retain their trophy.
"It was a nervous 55, 60 minutes because it just went on and on and on, but the lads put in a shift today and I'm proud of each and every one of them," he added.
Posh supporters celebrated on the steps of Wembley and inside the ground after an agonising wait for the final whistle.
Nat, 16, told BBC Radio Cambridgeshire: "There was so much relief that overcame me at the final whistle and every fan went mad.
"I really thought we were going to get played off the park by a really strong Birmingham side, but that's what Posh do at Wembley - we don't lose there."
Lottie, a 10-year-old fan, said she expected a "really difficult" match against Blues after Tuesday's defeat.
"But we made a comeback and it was really good to watch," she said.
Her dad, Andy, added: "Our boys stuck in there and ran away with it, really."
Posh were backed by about 20,000 supporters inside Wembley, which had a total attendance of 71,722.
The win drew them level with Bristol City as the most successful side in the competition's history.
Peterborough fan Nilesh Patel, who was at the game, said: "It's brilliant for the fans, the club and hopefully the whole city."
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Peterborough upset Birmingham to retain EFL Trophy
Watch: Jubilant Peterborough fans celebrate EFL Trophy win
Fry wants Wembley win over former club Birmingham
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