Chad Cordero will undergo surgery to repair a labrum tear and miss the rest of the season.
Cordero was hoping to return this month from a torn shoulder muscle, but there was more going on in there than the Nationals were previously willing to admit. Given the way he was throwing before he went on the DL, it doesn't come as much of a surprise. With Cordero out of the picture, the Nats are more likely to keep Jon Rauch for the rest of the season. They don't have a clear fallback in the closer's role, though Joel Hanrahan could ascend to the position if he continues to improve.
Cordero is only 26 so I think he can make a full recovery and get close to his 2005 self. His velocity has been dropping since then so this could make a huge difference. The Nationals need not rush him back. Good luck and hope to see him sometime next season.