2:30pm: Steichen announced Shrader has torn his ACL and MCL, confirming a long rehab process is in store. Steichen added (via Erickson) the Colts will hold kicker workouts over the coming days to begin the process of finding a replacement.
12:44pm: The Colts improved to 4-1 yesterday but they were dealt a serious special teams blow in the process. Kicker Spencer Shrader suffered a knee injury and after the game head coach Shane Steichen expressed concern (via ESPN’s Stephen Holder) about the ailment being serious. 
Shrader is now known to be out for the remainder of the campaign. The 26-year-old suffered multiple ligament tears, as first noted by Pat McAfee during Monday’s episode of his show (video link). Joel A. Erickson of the Indy Star confirms that is the diagnosis in this case.
As such, Shrader is now in store for a lengthy rehab process. The Colts will also need to search for an in-season addition at the kicker position to fill in for the remainder of the campaign. Schrader kicked for three teams last year (including Indianapolis) before landing the full-time gig this offseason. The former UDFA had been enjoying a stellar start to the year, taking home Special Teams Player of the Month honors in September.
Schrader connected on 13 of 14 field goal attempts this season, including a five-for-five performance against the Broncos which involved a game-winning kick as time expired. The South Florida/Notre Dame product also converted each of his 14 extra point tries. As the Colts look to maintain their strong start to the season, they will need to do so without Shrader’s consistent presence in the kicking game.
Indianapolis currently ranks near the bottom of the NFL in terms of cap space with $4.06MM in available funds. That should still be sufficient to acquire a new kicker to close out the season, although the Colts will be hard-pressed to find a replacement capable of duplicating the success seen through five games. Shrader is under contract through 2026, and he will now aim to rehab in time for next season.