As the Calgary Sun reports, the failed attempt to sign O'Reilly may also hurt the Flames' chances of keeping captain Jarome Iginla.
"We tried to improve our hockey team today," Feaster told reporters yesterday. "We try to improve it tomorrow. That's where we are."
According to the Sun, Iginla will decide in the coming weeks whether he wants to extend his contract with the Flames or ask for a trade.
Feaster's inability to sign O'Reilly, despite his best efforts, could result in blowing up the team if the Flames are unable to make any ground this season.
Teams have called about defenseman Jay Bouwmeester, who has one-year remaining on his contract beyond this season, but owns a cap hit of $6.8 million, while the Flames have already been dangling rearguard Anton Babchuk.
Forwards Mike Cammalleri, Alex Tanguay, Matt Stajan, Lee Stempniak and Curtis Glencross could also be on the move if the team is out of the playoff hunt by the April 3 trade deadline, however all but Stempniak own some form of a no-trade clause -- Cammalleri, Tanguay and Stajan can list a certain number of teams they would not accept a move to.
Yesterday's 5-4 loss to the Avalanche also sparked frustration from the likes of Iginla.
"We're up 3-0 and 4-2," he told the Calgary Herald. "There's no excuse. That's terrible.
"Every one of us is embarrassed. That's as hard as any loss this year. There's no way that should happen."
It's unknown what Feaster's next move will be, but if the team can't make a decent push for the playoffs in the coming weeks, he, along with ownership, will have to seriously reconsider the immediate direction of the franchise.