Collins, 33, was shelved after missing four straight games for the winless Colts (0-7), who were blown out in a 62-7 loss at New Orleans Sunday.
Collins was lured out of retirement to fill in for injured Colts signal-caller Peyton Manning, but also succumbed to injury in Week 3 against the Steelers, sustaining a head injury.
He had totaled 481 yards passing, two touchdowns and one interception on just 48-of-98 efficiency before the mishap.
The team also announced fullback Chris Gronkowski was joining Collins on the injured reserve list, and that guard Joe Reitz had undergone arthroscopic knee surgery and will be out indefinitely.
Gronkowski, who primarily played on special teams in his seven games this season, sustained a torn pectoral muscle Sunday.