Being 56 and single it's been known to happen that once in a while my steaks that I buy at the store don't make it to the barbie before the expery date. Ergo, the smell. Now I know it's not ok for me to eat it, but what about the cats and dogs. When is it too late to feed them the spoiled meat? And I really don't have to cook it, do I?

cats and dogs shouldn't be fed spoiled meats, just like humans shouldn't be fed. most meats are good if frozen properly for up to a few months. if it's obviously spoiled-greenish, crumbly, smelly, bugs, etc, then don't feed it to the animals.
as far as cooking, if you aren't experienced/educated about a raw diet, then don't give them raw meat until you learn about it. the raw, "uncooked" diet isn't just about throwing raw meat out to them. until you learn, keep them on a high quality, grain, preservative, corn, by product and filter free kibble. most pet stores have this. Taste of the Wild, Evo, etc.

No don't feed rancid food to your animals. Dogs have a very acidic digestive system but they cannot handle all types or an unlimited number of bacteria. If they could we wouldnt need to take them to the vet with intestinal or digestive problems from time to time.

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Throw the rotting meat out. If you feed it to your animals you are likely to end up paying quite a few hundred dollars in vet fees.

The price of a Tbone steak is just a few dollars. The price of 5 days of antibiotics for one animal alone will be 10 times the cost of a Tbone steak. Is it worth the risk not only financially but for the health of your animals?

Yeah spoiled meat is not good for animals. Just put it in a bag and throw it in the trash outside of your house or the smell will be horrendous.