Larkham will be replaced in the pivotal role by Matt Giteau, but Campese is concerned about the depth of talent in the Australian player pool.
"Can you imagine if the Cup was starting this week?" Campese asked in his column in the Sydney Daily Telegraph.
"Do the Wallabies have a five-eighth ready to step into the role Larkham has filled for so long?
"Clearly, Matt Giteau has the potential to do the job, but when was he going to be given his chance, until Larkham learned he needed a shoulder operation?"
Campese said there are too many unanswered questions with the first Bledisloe Cup match against New Zealand in Sydney only eight days away.
"Now that Larkham needs six months to get over his latest injury problem Eddie Jones has the chance to mould a back-up five-eighth," he said.
"But I want to know, with George Gregan still entrenched at the scrumbase, what does Eddie intend doing about having another half-back primed and ready to go should something in the way of injury or illness afflict his captain at a crucial time?"
Campese said he was baffled by Jones' decision to completely ignore NSW Waratahs captain and back-up scrum-half Chris Whitaker against South Africa.
"He (Whitaker) was on the bench again in Pretoria last week and didn't get a run. Not a single minute. I just find that ridiculous. Is Gregan really indispensable?
"He's certainly not in the sort of form that justifies that ranking," Campese said.
"In all honesty, George should be under threat for his position. He was outplayed in both Tests in South Africa. But he looks to be the safest player in the side."