That looks like a 550F/K rear sprocket that normally has another cover over it that has a lip that holds the seal in place...
I had looked at that seal & always wondered what purpose it had...but luckily never needed to do anything to it other than to regrease it & to put the sprocket cover back on again. It dosn't appear to have a major function to it, so i'd not go overboard trying to replace it.