If you roster Huntley as a backup or a cheap QB stash, his value this season is gone. In leagues with tight roster spots, he is a cut candidate. Check your league's rules on dead money before you release him, since a small contract may cost less to carry on IR than to cut.
The bigger effect is on everyone else in Baltimore. Fagnano now has no veteran behind him who can take over, so the Ravens' passing game stays in rookie hands until Jackson returns. Derrick Henry keeps his workload and may see more of it. Treat Ravens receivers and tight ends as lower-floor starts for Thursday, and set those lineups early because TNF locks first.
Jackson owners should keep him stashed. Nothing in Wednesday's news changes his outlook, and selling him now means selling low.
What to watch next
Watch for Baltimore to move Huntley to IR and fill his roster spot, possibly with another veteran quarterback. The Ravens were expected to look at trades for a quarterback after Jackson and Huntley got hurt. Fagnano's ankle is the other thing to track. He was limited Monday, and if it flares up, Reed or Slovis would be next in line.