Wilson played a total of four games over the last two seasons with the Bucs and Bears.
The 25-year-old will be placed on the "reserve-retired" list by the organization, so he can come out of retirement at a later time.
The injury occurred when a firework went off in Wilson's hand. Wilson had to be hospitalized as a result of the injury, which will require rehab, according to his high school coach.
Wilson reportedly lost two fingers during the accident, sources told the Lincoln Times-News.
"We are aware that C.J. was involved in an accident that occurred over the July 4th holiday," the Bucs said in a statement. "It is our understanding that the injury occurred to one of his hands and our primary concern at this moment is for his long-term health. We have been in contact with C.J. and are continuing to monitor the situation."
Wilson has played a total of four games over the last two seasons for the Bears and Buccaneers.
Wilson is the second NFL player to be involved in a fireworks accident during July 4. Giants defensive end Jason Pierre-Paul was also injured while lighting off fireworks.
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