Jones suffered the injury in the final minute of the first half while committing a pass-interference penalty in the end zone. He had to be carted off the field.
Northwestern coach Pat Fitzgerald said Monday that Jones will undergo surgery.
Jones started the final seven games last season, recording 33 tackles and four pass breakups. He used a redshirt year in 2010, so he would need to seek NCAA approval to get this season credited back for his eligibility.
Colter left this past Saturday's contest on Northwestern's first series, and Mark played sparingly as a running back and not at all on returns. Fitzgerald said Mark wasn't 100 percent coming out of preseason camp.