According to ESPN's Adam Schefter, Wentz is undergoing further testing on the injury, which he picked up near the end of Thursday's practice. Jacob Eason took the starting reps in Wentz's absence.
NFL Network's Ian Rapoport later reported that Wentz may need to undergo minor surgery to repair the injury:
According to Mike Silver of NFL Network, the injury involves "a bone and a ligament," noting the Colts "had been hoping for better news."
The 28-year-old is entering his sixth season and first with the Colts, who acquired the ex-North Dakota State star via trade from the Philadelphia Eagles in March. Philadelphia selected Wentz second overall in the 2016 draft.
Wentz broke out in his second season, throwing for 33 touchdown passes in 13 games and looking like a league MVP candidate for an Eagles team that finished 13-3 and earned the NFC's No. 1 seed.
Unfortunately, Wentz suffered a torn ACL against the Los Angeles Rams in December 2017 that forced him to miss the remainder of the season, which ended with Philadelphia winning the Super Bowl with Nick Foles starting at quarterback.
In 2018, Wentz played the first 11 games before sitting the final five (and two playoff games) with a back fracture.
Wentz enjoyed a healthy 2019 en route to leading the Eagles to an NFC East title, throwing 27 touchdowns to just seven interceptions. He was forced out of the Eagles' 17-9 NFC Wild Card Round loss to the Seattle Seahawks after suffering a concussion following a hit from edge-rusher Jadeveon Clowney.
The 2020 season featured a significant regression from Wentz, who was benched in early December for rookie Jalen Hurts. Wentz co-led the NFL with 15 interceptions despite sitting five games, and he finished 28th in quarterback rating out of 35 qualifiers.
After the season, the Eagles traded Wentz to the Colts, where he was reunited with ex-Eagles offensive coordinator (and current Colts head coach) Frank Reich.
Without Wentz behind center, the Colts will lean on Eason, who sits at QB2 on the depth chart. The 23-year-old was selected in the fourth round of the 2020 draft by the Colts.
The ex-Georgia and Washington signal-caller tossed 23 touchdown passes and completed 64.2 percent of his attempts for the Huskies in 2019.
Rookie Sam Ehlinger is third on the depth chart. The Colts took the ex-Texas star in Round 6 of the 2021 draft.