My employer is bringing in a consultant company called TCS to supplement our work. Should I be concerned?

A little over a year ago we got a new CIO. We have only had one CIO during the entire existence of my employer’s existence so this was all new to everyone. We hired someone from out of state who has previously worked as IT director for a company about 5x our size. We are a medium sized company with about 5,000 employees worldwide. Up until recently everything has been business as usual with no significant changes. Today I heard that a company called TCS will start supplementing our work to help complete projects and handle day-to-day support. It was explained to us that this will allow us to drive more strategic concepts and leave support. My boss scheduled a meeting with me for next week to go over the SOW and the SOW was attached to the meeting. I looked it over and it consists of several different areas (servers, databases, VMWare). These are my key competencies. TCS is quoting a yearly cost that is half of my salary. I asked my boss why my areas of expertise are subject and it was simply reiterated that I should focus on strategic work and let TCS handle the daily and we will talk more in the meeting next week. I feel like I may be in the chopping block but maybe I’m looking into it. Does anybody have any experience with this type of situation?