Dave Meltzer has confirmed that Kevin Owens is indeed injured and the angle on Monday night's episode of RAW was a cover because the former Universal Champion is legitimately injured and needs some time off. While it was initially reported that he'll need at least a couple of months off, it's now said that WWE won't know the severity of his knee problems until he goes in for surgery next week.
In other words, Owens could be out for a couple of months or much longer than that; it essentially depends on what the doctors find. Meltzer adds that "There is no estimated time back because it is based on the severity of the injury and nature of the surgery." With any luck, we'll find out what's happening soon and Owens will be able to return in time for the Royal Rumble and WrestleMania.
It's not clear whether or not Owens will be a babyface or heel upon his return to WWE but he did turn face on the show this past Monday so a big status quo could actually be in the works for him now.