Sunderland go to Loftus Road just six points off the bottom three after five games without a win.
QPR are a further four points back but retain every hope of beating the drop after splashing the cash in January.
O'Neill said: "QPR spent heavily because they felt they had a chance of staying in the Premier League. That is entirely their prerogative to do that. Time will tell if it works.
"But what they have done is give themselves an immeasurably better chance of staying up.
"The consequences are something that will be borne out later on."