The receiver has played in only nine games this season but caught his seventh touchdown pass of the year before coming out in Week 16.
Moncrief is in his third season in the NFL after being selected in the third round of the 2014 draft. After showcasing his ability in flashes during his rookie year, he broke out in 2015 with a team-high six touchdown catches while finishing second behind T.Y. Hilton with 64 receptions and 733 yards.
The 23-year-old hasn't posted the same type of numbers in 2016, catching 30 passes for 307 yards through nine games.
Meanwhile, the bigger issue is his inability to stay on the field. Moncrief missed five games earlier in the season due to a fractured scapula before returning in Week 8. He was then forced to miss the Week 15 game with a hamstring injury.
The Colts now once again have to play without the talented receiver thanks to yet another injury.
Quarterback Andrew Luck will rely on Hilton going forward, while Erik Swoope and Chester Rogers should also get additional looks in the passing game.