Broyles, the FBS record holder with 349 career receptions, suffered a torn ACL Saturday during OU's 41-17 victory over Texas A&M.
The injury came after he made a 30-yard catch in the third quarter.
He had to be helped off the field and broke into tears on the sideline after the OU medical staff told him the news.
"It's just a bad deal," quarterback Landry Jones said.
"You hate for something like that to happen to such a good guy."
Broyles ends his senior season with 83 catches, 1,157 receiving yards and 10 touchdowns.
A Biletnikoff finalist a year ago, Broyles considered leaving for the NFL after last season but chose to return to Oklahoma.
"He's such a special, special player," coach Bob Stoops said. "It's deflating for him and for all of us. ... Your heart drops when you first hear it."
Jake Trotter covers Oklahoma for SoonerNation. Information from The Associated Press was used in this report.