Godwin had been listed as doubtful all week after taking an illegal hit during the Bucs' Week 1 loss to the New Orleans Saints.
He returned to practice Friday, but coach Bruce Arians expressed pessimism about his playing status.
"He's still going through the protocol," Arians told reporters. "[Returning to practice] was part of the protocol. We'll still do some more stuff tomorrow. He's still doubtful. But he did get through this part."
The Buccaneers were already dealing with a hamstring injury to Godwin's fellow receiver Mike Evans, which limited him to just one catch for two yards in Week 1. It's expected that Evans will be closer to 100 percent Sunday but may still struggle to perform with the Panthers defense able to shift their focus in his direction.
Scotty Miller and tight ends Rob Gronkowski and O.J. Howard could see the biggest increase in target share with Godwin out. Miller had six receptions for 73 yards in Week 1 coming out of the slot. The Bucs may utilize more sets with two tight ends for Gronk and Howard to give Tom Brady more options over the middle in the passing game.