CM Punk is expected to be fine following his knee surgery on Tuesday.
The feeling is Punk could work WWE TLC if he had too but WWE officials don't want to take the chance of blowing up the planned Royal Rumble main event against The Rock.
Word is the company plans to give Punk ample time to rest his knee to assure he's 100% for a match they've pseudo promoted for months. It probably doesn't hurt that it also alleviates them from another very difficult creative situation. The replacement match is at this link if you haven't seen it.