A statement issued by the school's sports information department Wednesday said the 6-foot-2 inch, 220-pound native of Lufkin, Texas, violated an NCAA provision dealing with false or misleading information.
Sports Illustrated and the Oklahoman said he had contact with former NFL star Deion Sanders in the past few months and apparently gave false details about the contact.
"I made a mistake by not being entirely truthful when meeting with the NCAA," Bryant told the magazine.
Bryant was a finalist last season for the Biletnikoff Award, given annually to the nation's top wide receiver.
In 2009, he scored four touchdowns on 17 catches for 323 yards.
SI said late Wednesday the school has begun the process of applying to the NCAA for his reinstatement.