Elwood announced he will step down from his current role at the end of the RaboDirect PRO12 season after not seeking to renew his contract.
The shock announcement came in the middle of a topsy-turvy week in which they dominated European champions Leinster 34-6 before finding themselves on the end of a 25-0 defeat at the hands of Ulster.
And Faloon, who joined Connacht from Ulster in May, claims his side will need to get to grips with the impending departure sooner rather than later.
"You just have to adapt to changes," the 26-year-old told the Irish Independent. "The quicker you can adapt, the quicker you are going to get on with things.
"But he is going to be an awful loss. He was one of the main reasons I went to Connacht.
"I got on well with the man with the Irish Wolfhounds. But he is here for another year and we are hopefully going to do something for him."
The Heineken Cup is next on the horizon for Connacht and they may have wished to be heading into the next two games against fellow RaboDirect PRO12 team Zebre and then Harlequins in better form.
But despite not being able to respond from their defeat to Ulster in the league straight away, Faloon backed them to recover during the European break.
"It is Heineken Cup and you have to bounce back. Zebre will be a really tough test, but we're looking forward to it already. We can't dwell on the display."
63x46.png){kind=logo}