The best-case scenerio for us dynasty league players is for Terrell Owens is to land on a team with:
*with a chance to go to the playoffs. He's a little baby when things go wrong.
*that has a good locker room / leadership already in place / good chemistry.
*with a good QB. He would make Luke McCown cry after the second week.
*another good WR so he's not double-teamed all the time. He's good, but he's not that good when double teamed anymore.
Apparently Las Vegas already has a line out for which team will land Owens. Lets, for a second, assume that Owens lands on one of these teams:
Here are the odds, courtesy of www.BodogLife.com.
What team will Terrell Owens play football for during the 2009 NFL season?
Oakland Raiders 7/2 - X Doesn't have a good QB.
Washington Redskins 4/1 - X Has already said no.
New York Jets 6/1
Tampa Bay Buccaneers 13/2 - X Doesn't have a good QB, not sure how the locker room will pan out.
New England Patriots 13/2
Tennessee Titans 13/2 - X Doesn't have another good WR.
Miami Dolphins 8/1
Philadelphia Eagles 50/1
The following teams meets the requirements listed above

hiladelphia (Donovan McNabb, Desean Jackson)
New England (Tom Brady) - Best case scenerio
Miami - (Chad Pennington)
He's obviously not going to Philly and I don't see Big Tuna wanting him, so there is one realistic team, if we're assuming that Las Vegas is right, that is ideal FF situations for Owens:
New England
That would be really interesting, but I don't see the Pats going that route seeing that they already have Randy Moss and Wes Weilker.
My .02:
So if we were relying on Las Vegas's prediction, there's really no ideal/realistic situation for Owens to be anything better than a #2 WR in FF IMO.