O'Neill conceded that missing out on the league phase for a second straight year is a massive blow that directly weakens the club's transfer pull.
Lamenting his team's second-half collapse, he said: "We know we are a million miles away from the finished article; that's absolutely true. We thought that anyway, regardless. But we felt that if we qualified for the Champions League, there would be players that would be wanting to come on that very basis. That's not going to be the case. But we'll see.
"When I see that we're short – and maybe talking about a million miles away – we played brilliantly the other night, brilliantly in the game; they [LASK] were a fine side too, scored some brilliant goals. And we came up well and truly short – particularly in the second half."