And they are within 180 minutes of qualifying for the current Euros if they can negotiate a way past Bosnia and Herzegovina in the play-off semi-final.
O’Neill feels the squad is more than capable of replicating the success of four years ago.
But he points to a mentality change and player availability as key aspects of any success.
“In any managerial situation the biggest thing is squad availability,” he said.
“In my first campaign I had so many players missing due to injury, suspension and unavailability.
“It makes it even more difficult to do your job when you only have 60 or 60 per cent of players available, especially when you only have a base of 30-35 players to choose from.
“I have no doubt that players like Steven Davis and Jonny Evans will play on as long as possible.
“But there has to be patience too when young players are asked to step up, as it is a big ask for those players to come in and compete with the top countries straight away despite them not having played a lot of international games.
“Davo will play on and break Pat Jennings’ record, Jonny will get over 100 caps, and you have the likes of Stuart Dallas, Craig Cathcart and Corry Evans who have so much to play for and want to do so well for their country.
“Niall McGinn is another with over 60 caps.
“When I look back on my own international career I’m disappointed I didn’t get more caps, but a lot of that was my own fault.”