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If Wolverine was a 5 Star Champion - where would he rank?

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My 5* Cap is my max on my main account and 5* ST soon to be r4
Kabam has never explicitly stated why Wolverine wasn't added as a 5* champ. You're remembering other people guessing what Kabam's reason might be.
Regen champs are tricky to judge, because of the mechanics of regen. Regen champs like Wolverine can trivialize content below a certain level, but they can also fall apart when facing content above a certain level, in a way that other champs don't or at least not to the same degree. So how valuable a high regen champ is depends in large part on how much damage you expect to take in the content you expect to use them in. The game is different now than it was when 5* champs were first introduced, in terms of how much damage we can face in the highest tier difficulty content. That changes the equation on how strong, or potentially game breaking, Wolverine might be as a 5* champs.
Keeping mind mind newer players could pull him and use him in lower content (just like with other champs, but as mentioned high regen is different).