The "too many wolves" is usually used by people that can't hunt.
What are the wolves there to eat?
I think there is probably some truth to this statement. But in fairness, the home range of a wolf pack is a lot larger than that of a normal human hunter. If there are no deer in a particular 1000 acre portion of a wolf pack's home range it is not a big deal since they may have a range of 100,000 acres. If a human only hunts that 1000 acres, he would still be out of luck.
Overall, though, I think wolves make a dent but don't eat enough deer to ruin hunting in most places. We get a lot of coyote depredation and there are always deer that survive.
