Diron Holloway and Anthony Simons were suspended with pay Wednesday, the Orlando Sentinel reported. The alleged hazing for pledges to Kappa Kappa Psi took place at Holloway's home in Tallahassee.
Officials said two students reported after Champion's death being present at a hazing at Holloway's house in 2010. One said he saw Holloway, director of the band's saxophone section, hitting a pledge.
FAMU President James Ammons called the allegations "extremely disturbing."
Hazing involving Florida A&M's well-known marching band came under a spotlight after Robert Champion, a drum major, died in November. Champion was allegedly hit while running a gauntlet of band members on board a bus in Orlando, Fla.
No criminal charges are expected because of Florida's two-year statute of limitations.
Critics say the university ignored complaints from students and parents about hazing for years.