Rodgers, a pre-season Biletnikoff Award candidate and OSU's all-time yardage leader, hurt his left knee in Saturday's game against Arizona when he was hit in the end zone by safety Adam Hall.
The senior finished the game with even receptions for 102 yards and a touchdown in OSU's 29-27 victory.
"We are tremendously disappointed with the news that one of our team captains and leaders is sidelined for the rest of the season," OSU head Coach Mike Riley said. "I know James will stay very involved with the team during his rehabilitation process and we look forward to his return as soon as possible."
Rodgers is eligible for a medical hardship year because he only played in only four games this season.