The IR revolving door in Green Bay has one receiver on the list, and one receiver off.
Cobb, who injured his ankle last week, can return after missing four games.
Green Bay also placed offensive lineman Jake Hanson on injured reserve. The Packers elevated linebacker La’Darius Hamilton from the practice squad.
Watkins has been added to the injury report as questionable with a knee injury.
The Packers also downgraded tackle David Bakhtiari to questionable with a knee injury. He was limited all week in practice, but he had no designation on the final injury report of the week.
Also, defensive lineman Delonte Wyatt has been listed as questionable with an illness.
The Packers face the Commanders on Sunday.