From today's press conference, all from Doc himself:
On the injury: He has a bone spur that has resulted in a fraying labrum and changes in the rotator cuff. He thinks that he has a partial tear of his rotator cuff.
On the procedure: The doctors are going to have to clean up the bone spur, labrum, and rotator cuff. They hope it will be as uninvasive as possible. Doc is calling it a "scope and cleanup" and differentiating the procedure from "surgery."
On what will happen afterwards: If the doctors go in and find what they saw on the images, he will be a more effective pitcher, particularly with location. The doctors believe they can turn back the clock two to three years for him.
On timetable: They do not yet know when or where the procedure will happen. They are considering that now. If all goes as expected, he should be able to return this year and be more effective than he was before, particularly with the location of his pitches. He estimated three months if everything goes smoothly, but it could be more.
Overall, he sees this as good news that he can return this year and be even more effective. He wants to help the Phillies win the World Series this year and thinks he can do that.