Is it time to panic yet?

Panic doesn't help and week 2 is way too early for that anyway. However, you do have several things to worry about - Seattle's receiver problems, St Louis and Cincinnati franchises that are imploding, injuries (and DMC may already have taken over) and a generally weak bench. The "good" news is that a couple of your guys have now had their bye week and in McGahee's case it was probably a week he needed to spend healing anyway. You don't have a lot to work will since the guys you have aren't likely to have the trade value they normally would. Check the waivers list carefully - someone in one of my leagues dropped Stewart before the games yesterday.