It sure is nice being a Blazers fan these days--Greg Oden is healthy, Rudy Fernandez is on his way (even if he isn't too racially sensitive), Jerryd Bayless had an amazing summer league... things are looking up for the red and black.

Really, what could possibly go wrong?

PORTLAND, Ore. - The Portland Trail Blazers announced today that guard Brandon Roy will undergo arthroscopic knee surgery on Thursday to repair a tear in the meniscus of his left knee. A Magnetic Resonance Imaging (MRI) taken Tuesday revealed the tear in the meniscus.

Trail Blazers team physician Dr. Don Roberts will perform the surgery at Southwest Washington Regional Surgery Center in Vancouver, Wash.

A timetable for Roy's return will be set following the arthroscopic surgery.

Oh. That's very bad.
I think I speak for all fans of the team when I say: PANIC!!!

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Update:
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Don't panic! Here is the report from O beat writer Jason Quick:

Roy will need 4-to-6 weeks to recover from Thursday's arthroscopic knee surgery according to team athletic trainer Jay Jensen ... [snip] ... "He will definitely be playing by the time the season starts,'' Jensen said.

Also if you want to read more about the situation both Hoops World and Blazers Edge have excellent takes on the saga of Roy's wounded knee. In the future, I think the Blazers should get a punch card for their player's knee surgeries. Sort of like what you get at Quiznos. Once they get that 12th surgery, the 13th one is free. Plus they'll get a delicious toasted sub as well.