Faxon will have surgery on Tuesday. He suffered the injury early in the 2004 season, but had been playing through the problem.
'I am disappointed to have to end my season, but my knee has been bothering me for the better part of the year,' Faxon said. 'My ultimate goal is to play in the major championships next year and to qualify for the 2006 Ryder Cup, and by having surgery now I can strive to meet this goal.'
Faxon birdied the first playoff hole to defeat Tjaart van der Walt and win the Buick Championship on August 28. Faxon has eight career PGA Tour titles and is 27th on this year's earnings list with just over $1.7 million.