The native of Maywood, IL played in all 31 games a year ago, with 17 starts. He led the team in assists (3.7) while averaging 7.5 points and 2.9 rebounds per game.
Freeman was in the starting line-up against Simpson, collecting four points, one rebound, one assist and one steal in eight minutes before leaving the game.
"It's unfortunate for Tony and we all wish him a speedy recovery," said Iowa Coach Todd Lickliter. "Injuries are a part of athletics and a part of life. Tony has worked extremely hard to be ready for the start of the season. Our staff and players will have to make the necessary adjustments until Tony returns for the majority of the season."
Iowa opens the season Friday, Nov. 9, hosting Idaho State in Carver-Hawkeye Arena (8:05 p.m., BTN).