Collins said he is going to let it "calm down for a couple weeks, see what it does and just keep treating it."
He said the hope is that the ligament can heal on its own without surgery. If he had surgery, he would likely miss the season. It is possible he could go on injured reserve and return after eight weeks if it heals well.
Sources told ESPN's Josina Anderson and Ed Werder earlier Tuesday that Collins is seeking other medical opinions on his toe. He said the MRI will be viewed by several doctors and a foot specialist but he would not travel to see another doctor.
A source told Werder that the injury had nothing to do with pain tolerance, which was asserted by Cowboys owner Jerry Jones on 105.3 The Fan in Dallas.
"[It] has nothing to do with pain," the source said. "The kid is tough as hell. It's dependent on the injury."
Collins suffered the injury on the extra point after the Cowboys' first touchdown in their Week 3 win against the Chicago Bears. He remained on the field for the rest of the first half before having X-rays at halftime. He was replaced by Ronald Leary in the third quarter and watched the game in flip flops. After the game Jones said the X-rays were negative.
"We know right now I won't be playing, so it won't be any further damage right now," Collins said. "We're just doing treatment to treat it and just getting other opinions from the doctors and see what we can do and what's the best thing to do."