Your team is not bad at all.
Edit: just saw that it's a 10-team league. In that case, your WR situation in particular is certainly more worrisome, but you still could have a shot if things break your way.
QB: Hasselbeck is an every-week starter. Pennington appears to be a great backup right now, but I am not sure he can sustain his production and stay injury-free. I might look to trade Pennington if possible while his value is high.
RB: Portis will be fine. Jordan is more worrisome given Oakland's horrible offense, but you have to hang on to him for now. Jones is great for an RB3; he hasn't done much this year partly because of Chicago's improved passing attack but also because they've been in some blowouts so he's been rested. He is the unquestioned starter, though, and if Jordan can't turn it around you'll be glad to have him. Turner is nice to have on your bench and if LT2 ever gets hurt he would be a fantasy goldmine.
WR: I agree, you're a bit thin here. Ward is solid, but given Pittsburgh's plodding passing attack he's not really a superstar WR1 fantasy-wise. Cotchery and Jones both have talent but don't give you great consistency and aren't necessarily every-week starters depending on their matchups. Once Branch is fully integrated into the Seattle offense, he has the potential to be your WR2, but Seattle is loaded at WR so I wouldn't count on that. Jennings looks great but rookie WRs are notoriously inconsistent, so for me he is another matchup-based play.
TE: Cooley is killing me right now, so I feel your pain. However, the Redskins are still throwing the ball his way a lot, so I would hang on to him for at least one more week. Watson is a fine starter while you wait on Cooley.
DEF: Cincy is a solid D, especially in leagues where turnovers are rewarded. New Orleans? Uh...
It's hard to say what you should do roster-wise since I don't know who's on your league's WW, but here are some things I might consider.
First, drop the Saints defense. They were the worst in the league last year and even if they've improved they should not be on your roster. Don't bother carrying a "backup" defense at all, there will always be a decent bye-week pickup available. You might want to pick up one more RB from the WW, someone like Ron Dayne or even a Maurice Jones-Drew if they're available. Depth never hurts at RB.
I would also consider trading Pennington for help at WR. You could package him with Turner and trade him to the LT2 owner, or maybe him and another wideout like Jones would net you an upgrade. If you are able to trade Pennington, grab the best QB on the wire; unless Hasselbeck gets hurt you won't use them anyway.
Finally, I would give Cooley one more week. If he does not produce this week, I would drop him and pick up a different TE from the WW or even just go with Watson every week.
Not sure who you should play, I haven't looked at the matchups yet.