The exploratory surgery done on Jason Schmidt this afternoon revealed a torn labrum, scarring of the bursa, and a frayed biceps tendon. He's done for the rest of the year, but should be healthy in time for Spring Training.
I'm sure Will Caroll will actually be able to explain all of this tomorrow, but we've seen what a torn labrum did to Shawn Green. Let's hope it's not as debilitating an injury for a pitcher.
Update>> Well, it is quite debilitating apparently. From an article Caroll did in 2004 for Slate: