The Colts placed him on IR. I am betting that shoulder surgery is in order, either in a few weeks or after the year is done. My ortho friends say that a grade 3 will be unstable and more likely to dislocate if not properly repaired. We, of course, know nothing about whether it truly is a complete tear (grade 3s are) but if it is recovery, while a little longer, is 100% in almost all cases.
Nice video by doc about his injury:
https://www.youtube.com/watch?v=zoBuze8nA-A