Our rivalry with Texas will not come at the expense of dignity and respect. We have great concern for what happened in Austin and I am incredibly disappointed that someone connected with our team would react so callously. We have taken immediate action and I hope by doing so have illustrated how seriously we view this matter."
Reynolds was also suspended for the Air Force game due to academic issues.
The Sooners had high hopes for Reynolds going into the season, after he finished last year with 13 catches for 256 yards.
But in the preseason, Reynolds fell out of the two-deep, and has yet to step on the field so far this season.
OU and Texas play Saturday at 2:30 p.m.