It's the second season-ending knee injury for the redshirt senior.
Sherod started 31 games for the Spiders last season, averaging 12.7 points and 5.4 rebounds.
He led Richmond with 78 3-pointers and led the Atlantic 10 Conference by shooting 43.8% from 3-point range. That was 10th best in the nation among Division I qualifiers.
The Associated Press contributed to this report.