Reed, who is second on the team with nine catches for 132 yards, tore his right ACL and other knee ligaments late in Saturday's 10-7 loss to Michigan State and is out for the season, coach Luke Fickell said Tuesday.
The Buckeyes have played without several starters this season and learned Monday that running back Dan Herron and receiver DeVier Posey would be suspended at least one more game for being overpaid for summer jobs provided by a booster.
Throughout the trying times, Fickell has maintained that he and the team will not make excuses.
"It starts from the top down with all of us coaches," he said Tuesday. "So is it a kick? Is it something that's not easy? Yeah. We all feel that way. But we've also got to look at the things we are getting."
Ohio State will welcome back left tackle Mike Adams and defensive linemen Solomon Thomas -- both of whom were suspended four games for the tattoo-for-memorabilia scandal, along with Herron and Posey -- for this week's game at Nebraska.
Adams is listed as a starter, while Thomas is not on the two-deep chart as he recovers from offseason leg injury.
"Adding [Adams] back into the mix can do nothing but help us up front," Fickell said.
The Buckeyes also are hopeful that receiver Corey Brown can return this week from an ankle injury against Toledo.
Brown entered the season as the most experienced available wideout. Defensive lineman Nathan Williams (knee) likely will remain sidelined for at least another week.
Brian Bennett covers Big Ten football for ESPN.com.