The Bombers are currently sitting in mid-table with six wins and seven losses after being predicted for the finals at the start of the year.
“Over the last month they’ve gone backwards a little bit,” Lloyd said on Footy Classified.
“I’ve said I’d be looking at other options (to coach) and if there’s a better man out there, they should make that change.
“If they don’t play finals, yes, I would made the change.”
The Bombers face the Giants in round 15, the team that smashed them in the opening round of the season by 72 points.
“If they lose on Thursday night it’s season over,” Lloyd said.
“That is a disorganised team that when the pressure in on, they cannot get their run and carry going, they fall apart and it happened again on Thursday night.
“I don’t (give them hope) because it’s another organised team that they’re playing against,” he said.
“They’re on a fast deck at Marvel, which gives them more of a chance but how can you have faith in a team that fails like this all the time.”