Tennessee associate athletic director for communications, Jimmy Stanton, announced the suspension on Wednesday and said university officials were continuing to gather information.
Jail records show Clear was arrested Tuesday on a felony charge of theft between $1,000 and $10,000. Bail was set at $2,500. Clear posted bond late Tuesday night.
Clear, a rising sophomore, left spring listed as No. 2 on the depth chart at tight end behind senior Mychal Rivera, who caught 29 passes for 344 yards and a touchdown in 2011.