"He's got a heck of a headache probably, but he's alive and well," said coach Bret Bielema, who noted that Reed was in the locker room after the Razorbacks' 45-23 victory. "[He was] walking, talking ... he smiled."
Reed, a junior, was injured when he took a shot to the shoulders and head while being tackled late in the first half of the AutoZone Liberty Bowl.
"When I went out there, he was moving around," Bielema said. "He was moving his arms, but he got knocked out. He was out as out gets. So that part was there, and they did an unbelievable job of precaution."
Reed caught 27 passes for 520 yards and six touchdowns during the season.
This marked the second time such an injury has happened at Arkansas this season. Freshman running back Rawleigh Williams was carted off the field in a game against Auburn. Williams hasn't played since, but he had surgery on his neck after the game and is expected to make a full recovery.
ESPN's Greg Ostendorf contributed to this report.