Here you go. This wire comes up on the memory slot side of the system board along with the AirPort Extreme and Bluetooth (I think the small board in the upper corner of the system board is the Bluetooth module) wires (this wire is not either one of those). It runs along the backside of the system board and terminates underneath a black paper cover near the lower portion of the I/O connectors (i.e. near the ethernet connector).
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Nice work. That looks to be the modem filter cable which connects into the modem board, which is the small board on standoffs behind the speaker fan assembly. The cable pushes into the side of the modem board toward the front of the case, behind the thin black plastic shielding.
Unfortunately, I don’t believe this will have any impact on the booting of the Mac.
There are a few more resets, beyond resetting PRAM, which may help.
Try resetting the PMU - small button below the bottom Memory banks. See screenshot excerpt from the PowerMac G5 service guide.
If that does not help, try resetting NVRAM:
1. Boot into Open Firmware by holding cmd-opt-O-F at the chime.
2. At the prompt: reset-nvram
3. set-defaults
4. reset-all
If that fails to get the OS booting, I would try downloading, burning to CD, then booting from Apple Service Diagnostics (ASD) 2.5.8 and run the extensive hardware diagnostics to check RAM, logic board, CPUs, etc - only this version will work for your PowerMac, the later 2.6.3 is only suitable for the late 2005 model G5s.