In a statement, the school identified only one of the players -- starting quarterback Brett Bomar.
In the statement, the school said the players were overly compensated by a private business for the hours they actually worked.
Coach Bob Stoops said neither Bomar nor the unidentified player will ever return to the Sooner program.
"We spend a considerable amount of time addressing our players regarding their personal conduct and the NCAA rules," Stoops said. "They know exactly what we expect from them. Ultimately, they have to make right decisions. The same holds true for our boosters. When they do not, the consequences are serious, and we will not tolerate this behavior."
Bomar passed for 2,018 yards and 10 touchdowns last year. He started the Sooners' final 11 games.