Teague, a 20-year-old freshman, was arrested Wednesday, The Cincinnati Enquirer reported. He allegedly entered dorm rooms while the occupants were asleep and stole items that were later found in his possession.
University police said he confessed to the crimes orally and in writing.
"Akise Teague has been suspended indefinitely and dismissed from the University of Cincinnati football team," Coach Butch Jones said in a statement. "Student-athletes in the program are held to a higher standard of conduct on and off the field as representatives of the university. This incident in no way reflects the values, principles and ideals of our football program."
Teague was a high school star at Youngstown Ursuline and was named Ohio AP Mr. Football in 2010. That year Ursuline won its third consecutive Division V state title.
As a freshman at Cincinnati, Teague played in two games last season, rushing eight times for 42 yards and one touchdown.