Renner, a fifth-year senior, will have surgery Wednesday to repair a detached labrum and fracture in his non-throwing shoulder. He was injured during a scramble late in the third quarter of a 27-19 win over NC State on Saturday but returned to play in the fourth quarter. He finished 15-of-22 passing for 124 yards.
"We are disappointed to lose a senior leader and a great teammate like Bryn," coach Larry Fedora said in a statement. "He has meant so much to the Carolina program and I've enjoyed coaching him the last two seasons. He is one of the most prolific quarterbacks in school history and his contributions will be sorely missed."
Renner also dealt with a foot injury early in the season, costing him a start against Virginia Tech.
Once Renner returned to the lineup, he began to split time with Marquise Williams. They shared snaps in the last three games, but now Williams will start for the remainder of the season.
Renner threw 28 touchdown passes as a junior and 26 in 2011 -- the highest two single-season totals in school history.
He ranks third in program history behind T.J. Yates and Darian Durant in three categories: passing yards (8,221), completions (668) and attempts (1,005). He ranks second with 64 career TD passes.
The Associated Press contributed to this report.