Cobbins suffered the injury barely three minutes into Monday's 92-66 win over Robert Morris.
"It doesn't look good," Ford told reporters after the game.
The formal diagnosis was given on Tuesday. Cobbins will undergo surgery Thursday.
"Our thoughts are with Michael, and we pray for a successful recovery," Ford said. "We know Michael will work extremely hard and be back next season, better than ever!"
Cobbins has started all 13 games for the sixth-ranked Cowboys. He's averaging 4.5 points and 4.3 rebounds in 19.6 minutes per contest. He tweeted a comment late Monday.
"Thank you for all of the prayers, love, and support!," Cobbins wrote. "I have a great cowboy family behind me! Truly means a lot! #JustATest"