O'Loughlin helped his side to a 16-0 win over Hull in a one-sided final to lift the trophy for a second time in three years as Wigan extended their own competition record to 19 wins in all.
Farrell, who is married to O'Loughlin's sister, captained the Warriors to just one final triumph - against St Helens at Murrayfield in 2002 - but helped inspire them to their latest victory by presenting the shirts to players at their London hotel.
"He spoke very well," O'Loughlin said. "The lads were ready to play straight after the presentation."
Wigan's victory, in the lowest scoring final for 33 years at a rain-soaked Wembley, was the first for Wane, who was assistant to Australian Michael Maguire when they beat Leeds two years ago.
The victory immediately earned the Wigan-born Wane a second contract extension in a week, which will keep him at the DW Stadium at least until the end of 2015, firmly putting an end to the rumours over a move to the NRL.
That news delighted O'Loughlin and his team-mates, many of whom came through the Wigan academy under the fervently patriotic Wane.
"All the boys have a good relationship with Waney," O'Loughlin said. "He's very honest with them. When they don't play, they know full well why and what they have to do to get back in the side.
"A lot of them have come through the academy under him so he is a bit of a father figure to some of them.
"With the kind of guy he is, you warm to him and the boys really enjoy playing for him.
"I think we all expected him to be here next year, for what he's done this year and last year. We are all made up that he's staying."
Wigan chairman Ian Lenagan, who announced Wane's initial contract extension during the build-up to the final and revealed the extra year in a post-match interview, added his own tribute.
"Shaun Wane epitomises Wigan," he said. "He's a tough, hard winner who expects the best and delivers the best. It was a good strategic win, he thought it through well."