To put it mildly.
Just the fact that there will be no Team Time Trials is enough to drastically reduce his chances at victory. The TTT was Lance's only genuine chance of putting some serious time into Contador and others... (You can only do so much with a Bordure...)
And whatever one thinks of the guy (and I'm no fan of his), this will make for a much less interesting race. And that's too bad. I mean, does anyone (save for the press & organisers which have to drum up the event and the rivalry for obvious reasons) think that if Contador is on a halfway decent team he won't win hands down?