Southend promoted to reunite old foes.
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The victory saw another ex-Colchester man John White lift the trophy and fans of both teams will no doubt be looking out for the fixtures when the games are revealed on June 17th.
Former U's man Ben Coker must have feared the worst when he was first to miss in the penalty shoot out, but Dan Bentley proved to be the Southend hero with two saves from Wycombe spot kicks.
Southend had trailed until the dying moments of extra time, but rescued the match thanks to a strike from loanee Joe Piggott.
The Shrimpers had been absent from League One for five years, but returned after seeing off Wycombe Wanderers on penalties at Wembley.
The Essex derby is back, after Southend United won through the League Two play-offs in dramatic style on Saturday.