On your question, there are two basic descriptors for your race (henceforth called just Wolves): "carnivores" and "pack-living" ("intelligent" is a given, since morality and religion pressupose intelligence).
Therefore, I think the culture of the Wolves would be permeated by two main axes: The Hunt and The Pack. Let's examine those to see how they could influence your race's moral codes and religion.
Sure, your Wolves do not need to hunt anymore. But long ago, they needed to hunt to survive. This means that The Hunt was the most basic building block of the Wolves' culture... and that influence has reached the Present, as you stated.
So, back in the day, The Hunt must have acquired a sort of sacred and ritualistic aspect to it. Almost like a mystical communion with the forces of Nature (we'll be right back on this when we discuss religion).
This must permeate their entire culture, so that they see The Hunt as an allegory of every instance of their present life. I'll describe this shortly.
For now, it must suffice to say that The Hunt has shaped the way they view the world. As you said, this manifests as respect/admiration towards physical strength. Maintaining your physical fitness is viewed as a social duty, and so they exercise a lot. They also have the best regards for sports of various kinds, particularly those that may resemble The Hunt (i.e. wrestling and games of tag or hide-and-seek).
Also, their culture must be based on some kind of Stoicism. Physical and existential wounds and suffering must be disregarded, for the benefit of all. Showing weakness is frowned upon. Are you in pain? We'll help you, but suck it up, buttercup! Don't be a crybaby!
This would also mean that their culture (and hence, system of morality) would be rough. Not necessarily cruel, but definitely tough.
Every able member of society (male or female) would have to participate in The Hunt, back in the day. So this means no different gender roles (maybe apart from leadership, since I think wolves and lions' leaders are always male).
Even though they don't need to hunt for a living anymore, I think they should participate in The Hunt regularly. That is allowed, as stated on your question, so I'll go along with this train of thought.
Since the Wolves live in packs, they would have a communal culture. "All for the Pack, nothing against the Pack" is their motto.
Private property must be non-existent or heavily regulated. The herd of animals of prey belongs to all The Pack. The meals (either from sheperding or hunts) must be shared by all member of the community, with preferential treatment given to the cubs.
Since during a hunt, The Pack must act as one, individualism would be frowned upon. Each Wolf could ponder new strategies and conceive new ideas, but he/she should share them with The Pack first and ultimately it is The Pack that has the final saying on the matter.
Their views must be influenced by Pragmatism ("we must be practical on how to solve a problem!") and Utilitarianism ("the good of the many trumps the ills of the few").
Also, their morality system must be heavily influenced by concepts of Honour. In the Past, The Pack only survived if everyone followed the same set of rules... and the way to enforce that set of rules is by tying Honour to them. Eventually Honour transpired to their current culture.
This Honour could govern every aspect of everyday life, even hygiene. This is a remnant of the time when the Wolves had a nomadic existence and these aspects were important for survival of the individual and The Pack. Check Mosaic Laws of ritualistic purity, that prevented plagues during desert wandering, but that remained after the hebrews settled in Israel.
Finally, The Pack means that they must have a very tribalistic worldview: They view Wolves from other packs with suspicion and adhere to a "nationalistic" zeal to their own Pack. They frequently go to war with other packs, mainly for territory.
Since Honour is based on the rules that keep The Pack together, honourable treatment is not extended to members of other packs. Alliances with other packs must be acompanied by an exchange of ritualistic hostages or even forced marriages to "blend the blood of both packs".
Now, let's see how these two axes would influence their morals across the whole spectrum of their life cycle
Birth and infancy
Since the future of The Pack relies on reproduction, cub-bearing is heavily stimulated and highly regarded as the most noble of endeavors, besides The Hunt. Contraception and abortion are frowned upon, and punished as a betrayal to The Pack.
The cubs are heavily protected, especially during disaster and war. It is postulated that, when herds of Triceratops were under attack by predators, they would form a ring with the cubs on the center. The Wolves' culture must be designed on a similar pattern.
The cubs must be catechized from tender age on the morals and laws of The Pack. They are taught to share their food with their brothers. The litter is considered to be a mini-Pack, where they learn how to function socially. Their games must imitate the adults' hunting or sports.
As they grow old, they shall go from playing to incessant training, just like the young greeks' gymnasium.
Coming of age must be symbolized with a ritual where the cubs must prove their valor. The Masai adolescent must hunt a lion. In certain indian tribes they must climb a mountain and get a special feather or plant that only grows there. In other human tribes, the younglings must face some kind of self-inflicted suffering. You chose.
On the one hand, the Wolves' concern for the future of The Pack means that they want to optimize reproduction. On the other hand, reproduction must be heavily regulated by their concept of Honour. Because you mustn't just breed them, but raise them too, if they are to become successful adults on The Pack.
I think they could resolve this tension by allowing poligamy, so that a male could impregnate several females... but this male and these females would be faithful between themselves. Adultery would be frowned upon.
Physical strength would be an atribute highly valued on a future companion. A marriage proposal could take the form of a duel. If the groom didn't find the bride strong enough, he could repudiate her (and vice-versa).
Back in the day, there were many Wolves that perished during The Hunts. Nowadays, there are many that die on wars with other packs. So there must be some kind of Levirate Law, by which a widow must marry someone from the deceased's kin, so as to raise the orphans and also secure the deceased's bloodline.
The concept of Pack, means that the Wolves are communal. All decisions are debated on an Council of the Pack, where every able adult member shares the decision-making. This means that everyone in the council is entitled to vote. However, the Wolves must also have a strict hyerarchy (alfas and betas) because, during The Hunt, someone should be the leader. I think the best model would be a kind of Constitutional Monarchy, where there was a King, Noblemen (those Wolves that distinguished themselves in acts of valor) and Commoners, but where every stract of society was represented on the King's Court.
Any male Wolf may become a King, if he beats the current king on a fair, singular battle. Since individualistic political ambitions are not well received (since they put the individual's interest in front of The Pack's benefit) there are only two instances where this is acceptable: 1) If the King is making bad decisions that put The Pack in danger and 2) if you really think you could be a better leader to The Pack than the current ruler.
I disagree with ShadoCat that being sneaky would be OK. Being sneaky is not honourable and shows individualistic ambition. If everyone wanted to be king, then political instability would endanger the future of The Pack. Sure, there may be packs that are in a state of moral decadence (as happens with every country or civilization eventually)... but even there sneakyness is shameful and political intrigue is done covertly and never ackowledged, not even when successful.
Crime and punishment
Since the two main axes of the Wolves' culture is The Hunt and The Pack, the two greatest crimes must be Cowardice and Individualism. Even sexual crimes, like adultery and contraception can be fit on one of these categories (for they puts the individuals' hedonistic interests in front of Honour, the glue that keeps The Pack together).
Cowardice: So, if someone shied away of a hunt or of a war, then the Wolves would feel entitled to do as modern soldiers do with deserters... and simply kill them as they flee. Or maybe they could use a more didactic approach. Once the hunt or the battle is over, the deserter has forfeited is right to survival and may be legally killed. The only way for the deserter to gain back his/her right to live is to engage on a honourable, singular battle with a champion. This way, the coward would be disincentivized to run for his/her life on the heat of the hunt/war... and could be taught bravery if he failed.
Individualism: Individualism would be another thing altogether. Since this is a communal society, the worst punishment you could get would be banishment. This would be the fate of traitors, those that broke the laws of Honour repeatedly and deliberately. These would be branded as pariah, not fit to be received not even in other packs.
Of course, for an involuntary breaking of the Honour code, or for someone truly repent of their sins, there could be some sort of Atonement ritual, always with The Hunt's theme in mind (since The Hunt is what restores balance to the universe, as we shall see on religion).
Old age and death
On one hand, the elderly and the sick would be a dead weight on The Pack's shoulders, acording to the Wolves' utilitarian views. On the other hand, their Honour would not let them starve their elders, from which they were fed when they were cubs and dependent.
This tension could be resolved through a kind of ritualistic killing. When an elderly or infirm found out that they were unable to help The Pack anymore, they would challenge a champion for a public, singular battle. They could, therefore, go down heroically on an honourable fight and everyone would cheer the elder's courage at the time of his/her death.
If you want to get gruesome (remember that you're seeing a rough culture in action), the Wolves could then feast on the deceased's flesh, on a kind of ritualistic canibalism found in many tribes. They would feel that they would gain the deceased's strength and experience by eating him/her. They would mourn by integrating the deceased's lifeforce into them. During this feast, they would celebrate and remember the deceased's actions of valor past and the deceased's deeds in hunting.
Having explored every aspect of their life cycle, it is time to see how this would translate on religious belief
I think that the Wolves, having come from a time where hunting was common and necessary, should have a kind of pantheism. They could worship The Circle of Life, just like we see on Disney's The Lion King.
By hunting, they would find their place on the food chain and, therefore, the Circle of Life. The Hunt would get its sacredness from here, for it was the way to restore balance to the universe. Nowadays, the Wolves don't need to hunt for a living, but they may do it as a part of a religious experience.
This doesn't mean that there are no gods. On Greek Mythology, you would have Artemis / Diana as the goddess of hunters. Trouble is, Artemis was a virgin and cub-bearing is a must for the Wolves... so Artemis should have some shared characteristics with Aphrodite / Venus (erotic love) and Demeter / Ceres (fertility).
Don't forget that you could also have Ares / Mars to preside over wars.
Other non-Wolf species (namely the prey animals) would have their own patron god. Before a hunt, the Wolves would present offerings to Artemis to bless their hunt and also to the god-patrons of the other animals, so as to appease them and be able to weaken their divine protection.
Other carnivorous animals, with a more solitary nature, would have their god as well, an enemy of Artemis (the goddess of communal hunting). This god of solitary carnivores could be hijacked by the Pariah, those that were banished due to their individualism. This god would be akin to Satan on the Wolves' main religion... which would increase the spite against the Pariah.
Since the Wolves are communal, their spirituality is also communal. They rely on a Church (ecclesia, from the greek "assembly") to tune themselves to the gods before a hunt (which may be a metaphor, now that they don't hunt for a living, to earning their daily bread).
The King and the Nobility have a priestly role of interpreting the wills of the gods, and derive their authority also from this priestly role. Religion has the purpose of enforcing morality, interpreting the Moral Code and strengthening social bonds. Apostasy and heresy is individualistic and may grant you banishment.
Prayer is also communal. Maybe howling could be their prayer... sending their concerns to the heavens. BTW, Artemis was also a goddess of the Moon, and wolves howl to the Moon... just sayin'.
There could be a god of death, like Hades, that would be cruel, but fair. Since, in ancient times, the Wolves killed their prey to make a living, it is only fair that the Circle of Life would find balance by sending a Grim Reaper that would hunt the Wolves down and reintegrate them into the lifestream.
However, there would be different ways to die. For spartans, only the men that died in battle and the women that died on childbirth were afforded state funerals. The same thing would apply to Wolves.
More, those that died honourably in combat (either hunt or war) would be awarded as some kind of Valhalla. Those that died as cowards and Pariah would be sent to Hell (check Dante's Inferno... you have the Cowards and the Traitors both at the gates and at the center of Hell, respectively). Those that died in a non-honourable way (i.e. not in combat) through no fault of their own would have to show their valor on a kind of Purgatory.
You could mix this with the Circle of Life. Since the flesh of dead carnivores becomes grass and grass is eaten by herbivores, then the Wolves may reincarnate after death. This could be their Purgatory or their Hell. Those that were sent to Valhalla achieved Nirvana, perfection, the ability to escape the reincarnation cycle.
This means that there would be some kind of Forefather's cult paralel to that of the Circle of Life and the gods.
Wolves that, by their feats, became famous in hunting or warring would achieve a status of demi-godhood, like Hercules (through strength), Odysseus (through cunning) and Theseus (through leadership). Their deeds would be celebrated in Church and immortalized on hymns, psalms and epics.
These honourable forefathers would be invoked prior to hunting or warring or even everyday life, as a kind of saintly intercession.
Also, the "nationalistic" view of one's Pack meant that there would be origin myths for every pack (see Romulus and Rome, or Cadmus and Thebes, but with packs instead of city-states).