if I remember correctly, at most of the top 5, avg GPA is around 3.4-3.5. GPA is not the only measure and you won't be dinged just because of your GPA.
However, your grade is still a measure of your past academic achievement (note that I didin't say your ability). So if your GPA is very low, be ready to talk about why. Better yet, demonstrate what you have done to compensate (eg. high GMAT, extra course work since college etc).