Price is expected to be sidelined four months but should be ready for the start of training camp. Surgery is not expected to alter his draft stock, a source said. A second medical opinion recommended the surgery.
Price, a two-time All-American, said he felt "a little pop" on his third rep of the bench press at the NFL combine March 1 and immediately stopped. Indianapolis Colts doctors and trainers then looked at him, and he received his MRI results March 2.
Price, who started 55 consecutive games for the Buckeyes, said after the injury happened that it was "very minor."
Price was in considerable pain during his bench-press rep. He immediately grabbed his left pec and left the stage grimacing.
"Felt a pop," Price said, adding that he stopped immediately. "... Didn't feel something right [and] grabbed it just to make sure. Felt a little bit of swelling, felt a little bit of a pop, a tingle."
At first, he said he was pretty emotional in the van ride from the convention center to get an MRI because he had never had a serious injury in his career. His worst, he said, was a minor MCL sprain that didn't even cause him to miss practice.
ESPN's Cameron Wolfe and Michael Rothstein contributed to this report.