Searcy suffered a concussion during Carolina's second preseason game and was again concussed in Week 2 against the Atlanta Falcons.
A fourth-round pick in 2011, Searcy spent the first four years of his career with the Buffalo Bills. He moved on to the Tennessee Titans, by the way of a four-year, $24 million deal during the 2015 offseason. However, Tennessee released him in March with one year remaining on his contract.
The 29-year-old defensive back joined the Panthers on a two-year deal in March.
Searcy was coming off a season in which he recorded 26 combined tackles, one interception and two passes defended. As the Panthers' starting strong safety, he notched five combined tackles in the first two weeks.
Being placed on injured reserve does not end Searcy's season. He will be eligible to return after spending eight games on IR.
Per the team's release, either veteran Colin Jones or rookie Rashaan Gaulden will start in Searcy's place in Week 3 against the Cincinnati Bengals. Regardless of who coach Ron Rivera decides to start, both are expected to play.