Jacobs started four games last season and led Maryland in both receptions (47) and receiving yards (640), while recording three touchdowns. Hendy made three starts in 2013 and had 32 tackles, two fumbles recovered and an interception.
Jacobs faces second-degree assault charges stemming from a July 19 incident where two Maryland students were allegedly assaulted. Another Terrapins player, linebacker Alex Twine, also was charged. Hendy has not been charged in the incident.
"I have spoken with Levern and A.J. and expressed my disappointment with their actions," Maryland coach Randy Edsall said in a prepared statement. "They showed poor judgment and failed to uphold the standards of a student-athlete at the University of Maryland. Both Levern and A.J. were regretful and apologetic about their role in this incident and understand that their actions will not allow them to participate in the upcoming football season."
Neither player has redshirted. Jacobs would retain two years of eligibility, while Hendy would have one.