UO athletic department officials said they took the action against starting tight end Pharaoh Brown after what started as a playful contest between team members and fans went out of control, ABC News reported Monday.
At its height, participants pelted innocent bystanders, officials said. Students blocked traffic and attacked cars.
University spokesman Joe Mosley said police were trying to identify as many of the students as possible.
Kelly McIver, a spokesman for the university's's police department, could not confirm how many students were involved in the incident.
Brown issued a statement through the university saying "my actions escalated to an inappropriate level and for that I sincerely apologize. We never should have engaged innocent people and I deeply regret my actions and will accept the consequences."
Other Ducks players were also disciplined for their roles in the snowball fight.
UO will play in the Alamo Bowl Dec. 30 in San Antonio.