In fact, I set the clock period of the system clock "osc_clk" to 8 ns in a constraint file, and the design compiled without error.
When I set it to 4 ns (more as a sanity check than as a serious attempt to achieve 250 MH/s), TimeQuest flagged errors.
6 ns ... stay tuned.
Strange, Quartus ignores the jtag clock for me. You might try setting a false path for the jtag clock in your constraints file in order to tell the system to ignore the jtag clock. It should report Fmax for the main clock under the slow timing model section of the timing analyzer output.
So you were able to hit 125MHz so far -- that's pretty good and suggests that the Cyclone V can hit at least 250MH/s. It will need to hit at least 300MH/s to make it competitive with the LX150 on a MH/$ basis, but it does seem at least possible that the Cyclone V may displace the LX150 as the new MH/$ leader.
A mining board with 2 Cyclone Vs can presumably be produced for about the same cost as a BFL single, but at 600MH/s, it's still less than three quarters of the BFL's mining rate. I wonder if the reduced power consumption (should use less than one quarter of what the BFL uses) would entice many people to buy such a board in lieu of BFL's offering? I'm guessing not, but I'm sure that won't stop someone from making them. Maybe this is what ngzhang has up his sleeve for his Icarus replacement?
7 ns also failed in both slow models, but only by a small margin. 7.3 ns should work (running now, but I have to drive to work now).
IMHO, these timing simulations are not 100% accurate - the real-life error rate you get with an actual clock, that's where the rubber meets the road.
The fast model works up to 4 ns (250 MHz) - that's
very promising and maybe that's what you get in the real world.
Or maybe not.
We'll never know until someone builds an actual board.