WrestleVotes noted on Twitter that the injury news going around is accurate but he is still scheduled to work the match. The severity of the injury is yet to be determined but if he has a full torn pec then it likely means that he will need to get surgery. The surgery would mean that he would be out for months.
WrestleVotes tweeted, "Unfortunately, the Cody Rhodes injury news going around is accurate. He is still scheduled to work tonight’s HIAC event, w/ the severity of the injury still being determined. I’m told plans for the match have been changing all day long. Feel terrible for Cody."
It was noted during Wrestling Observer Radio that Cody was injured while working out. Last night at the live event in Champaign, IL they did a backstage injury angle to explain why Cody wasn't wrestling Seth Rollins. Cody did come out at the end of the main event to chase Rollins to the back but he did not do anything physical.
Rhodes has been pushed as a top star in the company since his return at WrestleMania and there were big plans for him in the summer so the injury is very unfortunate, especially at this time.