Saw a PT in the afternoon.
In his opinion its a grade II MCL tear, but only affecting "part of the ligament" as opposed to the whole thing. No problems with ACL, PCL, meniscus.
He recommended no grappling for several weeks (no brainer) and to stay away from any lower body work that can potentially put side pressure on the knee. Stationary biking and straight leg raises (while lying) were recommended. Once it feels a bit better he also recommended squats against a wall with a ball or something between my legs to force them to squeeze inwards.
Seemed like a decent PT. Of course any further suggestions are welcome!
I've actually been biking to get around and will continue to as it doesn't seem to bother me much at all. Actually walking to take public transit (my alternative for getting around) aggravates it more than biking.