The injury is being reported as a strained hamstring suffered on the 2nd to last offensive play of the game for the Colts (James' 30 yard TD run).
A quote from Tony Dungy:
"He thinks he's fine, but the MRI shows some damage in there. If he had to go today, I would say he's doubtful."
Dominic Rhodes will start if James does not play. Rhodes rushed for 1,104 yards in 2001 when James missed the final 10 games of the season.
The key words in Dungy's quote are "MRI" and "damage". I don't see the Colts risking further injury at just Week 3 of the season. However, until final word on his status comes out, Edgerrin fantasy owners and gamblers will be monitoring this situation. The Colts opened up as 5-1/2 point favorites, the line was bet up to 6-1/2 and them came back down to 6 (and is now circled) when the injury was announced this evening.