The Eagles sit last on the table with a 1-10 record and a percentage of 54.8.
Their poor form follows on from last season's 2-20 campaign, with mass injuries cruelling West Coast's hopes of being competitive over the past two years.
Sheed will mark his 150-game milestone in Saturday's clash with the ladder-leading Magpies in Perth.
The 28-year-old is determined to be a part of West Coast's next flag-winning side, and he's optimistic he will still be playing when the club are back in the premiership window.
"The AFL world can change so quickly," Sheed told reporters on Tuesday.
"We take confidence away from that.
"Like we saw with Collingwood, finishing 17th (in 2021), then they made finals the following year.
"I have no doubt, if we stick to our plan, we can contend while I'm still around."
When asked how long he has left in his career, Sheed joked: "Simmo (coach Adam Simpson) reckons I'm halfway there.
"I'm into my 10th year. I never thought I'd get to 150 (games), so I've surprised myself already.
"I'd like to think I've got a few more in me."
Sheed has experienced plenty of highs throughout his career but nothing beats his clutch set-shot from the boundary to win the 2018 grand final against Collingwood.
"It feels like a lifetime ago now," he said.
"It's probably something I'll more reflect on at the end of my career."
Sheed retains one primary goal - to win another flag with West Coast.
The Eagles are currently on an equal club-record nine-match losing run, and they face a huge battle to avoid hitting double digits against the red-hot Magpies.
"Both teams are in a slightly different position at the moment - top versus last on the ladder," Sheed said.
"Hopefully we can bring our best footy.
"We took a step forward last week against Essendon, in comparison to the week before, so hopefully we can do that again against the best team in the comp at the moment."
Sheed suffered an injury scare when he copped a knock to his ankle in last week's 50-point loss to the Bombers but the midfielder said he had pulled up well and would be fit to tackle Collingwood.
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