Adams was shifted to the Lions' inactive list in January of this year after continuing to battle concern from a head knock sustained in last year's Round 21 matchup with Carlton last year.
The 29-year-old's health has been the highest priority for the Lions, with any return to the field seen as unlikely for the formidable backman.
"He's back and forth," Fagan said of Adams on SEN's Crunch Time on Saturday.
"(Adams) has good days and not-so-good days, so probably not a lot has changed at this point in time.
"I'll be amazed if he plays this year and, to be fair, I'll be amazed if he plays again.
"My main concern is that he gets right and can live a really good and fulfilling life and not be troubled by this for a long time.
"He's 30 years of age and played football in a really brave way. He would always go back with the flight in the air.
"I'm just hoping that he gets right and can be fit and healthy for normal, everyday tasks. If he plays footy again, well, that's an absolute bonus.
"As a coach I'd feel pretty nervous about putting him back out on the ground again after what he's been through."
Seedsman suffered a concussion prior to 2022 and sat out the entirety of last season, while the veteran midfielder has also been placed on his club's inactive list for the year ahead.
Adelaide's captain said earlier this month that Seedsman is on an "upward trend" as he continues his recovery.
"He's tracking okay," Dawson told Zero Hanger. "Ebbs and flows a little bit with his health and how he's been feeling.
"He's on an upward trend but it's just a slow grind at the moment."
Adams and Seedsman are joined by Collingwood backman Charlie Dean (foot), Essendon rookie Jayden Davey and Carlton pair Zac Williams (ACL) and Sam Philp (foot) in being placed on their club's inactive list.