If Terrell Owens isn't close to 100 percent, the Cowboys aren't the same team. The Giants could give them a tough game, and the Packers almost certainly would. Having an explosive downfield threat is such an important part of the NFL these days, losing Owens is like the 2000 Ravens losing Ray Lewis - it changes the entire dynamic of the team.
Of course, Owens played very well in the Super Bowl with the Eagles on a broken leg, so there's little doubt about his ability to play through pain. But if his ankle doesn't allow him to play anywhere near 100 percent, it takes Dallas from a 60 percent Super Bowl contender to a 40-45 percent one (the odds that they win both their games).