As has been noted, they can't "medically redshirt" him now, but they can assess the liklihood that he would get the year back now and shelf him with the expectation that the request would be approved.
Just the fact that the rumor is floating suggests he's probably not playing Friday. Much the way we were speculating on when Kurtz would have to come back to justify not redshirting, they are probably assessing what's in the best interest of Chuckie and the program. If the kid is not healed, he shouldn't play. It sounds like that is the way they will go and at a certain point, it doesn't make sense to sacrifice his whole year for the remainder of the schedule.
All that being said, Garretson won them a bowl game last year. He may not be Chuckie, but considering our pass rush and pass defense has been suspect, and it would seem he actually throws better, that may not be a disadvantage for them.