Yes, but only if JO is healthy, and returns to the player he was earlier last season (and Krstic being healthy as well). With a healthy and productive JO, they still have a very good starting center in the NBA, who may be the most complete center they have had in years. When he is playing well, he brings strong defense, and above average offense for that position. And, Krstic is a very solid backup to add depth.
Of course Shaq is absolutely a game changer, and gives this team a big advantage, but JO/Krstic is certainly good enough to hold down the fort, given the strength of the rest of the rotation.