Then you are mistaken. TO is a Hall of Famer in every sense of the word.
T.O. will probably go in, but it may take him a few years. Based on his personality, he did not go in the first year of eligibility and I doubt he will go in on the second year as well.
He has no rings. He has some nice career stats, but he basically has little else to show.
T.O. was also suspended for four games in 2005 and deactivated for the remainder of the season for not what I'd call Hall of Fame behavior. Owens contested the suspension with the NFL arbitrator and lost. He was 32 years old and squandered what is typically one of the few remaining great years in a typical WR's career by his own numbskull behavior.
Jerry Rice's induction in 2010 was a no-brainer (3 rings, 13x Pro Bowl).
Only a handful of wide receivers have been inducted since Jerry.
Let's review:
Cris Carter 2013 (no rings, 8x Pro Bowl)
Andre Reed 2014 (no rings, 7x Pro Bowl)
Tim Brown 2015 (no rings, 9x Pro Bowl, Heisman Trophy)
Marvin Harrison 2016 (1 ring, 8x Pro Bowl)
Terrell Owens?
0 rings
6x Pro Bowl
5x All-Pro first team
3x NFL reception TD leader
Receptions: 1078
Receiving YDs: 15934
Receiving TDs: 153
If you focus on stats, T.O. is closest to Cris Carter and Marvin Harrison. Of course, the latter two have two more Pro Bowl appearances and one of those two has the ring.
In the end, T.O. will get his yellow jacket but he will never have the satisfaction of having played a single down as the defending world champion.
In a few years, T.O. will pretty much fade from the general public's memory, and Joe Consumer will have to use football stats sites, Yahoo Sports, or Wikipedia to recall T.O.'s contributions to the sport. Personally, I think the prestige of the WR corps at the HoF would be slightly diluted with T.O.'s induction.
When I'm dead, someone in a sports bar will ask "Who is Terrell Owens and why is he in the HoF?" and someone else will answer "He caught a bunch of balls for his era." That'll be the end of that discussion and both of the conversants will return to their drinks.