Everton's hopes of reaching Wembley were shattered by Arsenal in ruthless fashion as Olivier Giroud's late double sealed a 4-1 quarter-final win on Saturday.
The Toffees can turn their attention back to the league, although their pursuit of a Champions League place has been harmed by recent defeats to Chelsea and Tottenham.
A nine-point gap separates Everton from the top four, but winger McGeady is refusing to give up hope and urged his team-mates to start a late charge in Saturday's home match against Cardiff.
"I think it's always been the target, but you know maybe four or five games ago we would have said it was more realistic," said the Irishman.
"A couple of results haven't went our way recently, Chelsea away, Tottenham away, but I think we've got a game in hand on Spurs and we're only a few points behind so if we can finish as high up the table as possible, that's the main aim. Whatever else comes will be a bonus."
McGeady felt the heavy defeat at Arsenal was harsh on Everton, but accepts that defensive lessons have been learned ahead of Cardiff's visit.
"It was difficult because I think the whole team thought we played well enough, but the last 15-20 minutes when we were pushing to try and get ourselves back in the game when we were one down we left the door open at the back a bit.
"They countered on us a few times. It made it look a big defeat when there probably wasn't three goals in the game."