Carter-Williams is in his first season with the Hornets after signing a one-year, $2.7 million contract in July. He has played in 52 games, averaging 4.6 points and 2.7 rebounds in 16.1 minutes per game.
He suffered the injury Sunday in the first half of Charlotte's loss at Toronto. The tear was confirmed with an MRI and and examination by the team's orthopedist Dr. Marc Cook, the Hornets said.
Carter-Williams was the Rookie of the Year with the Philadelphia 76ers in 2013-14. He became the first rookie drafted 10th or later -- he was chosen 11th -- to win the award since Mark Jackson in 1987.
His career has failed to live up to that early promise because of injuries, trades, bad fits and poor play. He had shoulder surgery in May 2014 and, in February 2015, was traded to the Bucks. He was traded to the Bulls in October 2016 and became a free agent after the season.
In 287 career games, he has averaged 11.5 points and 4.7 rebounds per game.