It looked bad when it happened and the word from Marc Spears at Yahoo is not good.
What a Grade 2 sprain means is there is partial tearing of the ligament. Treatment means immobilization and ice followed by a lot of physical therapy.
A return in exactly one month on April 1 would mean Parker would be back for the final nine games of the regular season heading into the playoffs.
In the case of the Spurs, it’s about Parker — playing the best ball of his career and leading the Spurs top 5 offense — back and fully recovered for the playoffs. The regular season, even if they surrender the top seed to Oklahoma City (and they could fall behind the three seed Clippers, who are 3.5 games back as of Saturday morning), it doesn’t matter nearly as much as being healthy and rested when the games get serious. Parker will get his rest now and his legs should be fresh, but the Spurs can’t have this really linger into the postseason.