Probably best case scenario after seeing him screaming in pain last night.
Glass half full view. It probably makes the play-in unrealistic this year. They will lose their pick this season if they finish 14-30. So they will probably keep it allowing them to use it or trade it. They still need to add talent so this isn't terrible news.
Also, maybe this worries Ivey and he takes a more team friendly extension this summer. Sacrificing dollars for security.