According to a report from the Wrestling Observer, the storyline on SmackDown where Elias is out with a torn pectoral muscle is the real deal. The torn pec, which was listed among his injuries for the hit-and-run angle involving Sheamus and Jeff Hardy, is a legitimate injury.
As of this writing, Elias is expected to be out of action for several months. This is also the reason he was pulled from the Intercontinental Title tournament.