Police say Sheard was in a fight early Sunday and had to be pepper sprayed after he threw the man through the door of La Fond Galleries.
Pitt spokesman E.J. Borghetti says Sheard has been suspended from team activities while the athletic department investigates.
Sheard was arraigned Sunday on charges including aggravated assault and resisting arrest. Police say charges are possible against the other man. Borghetti declined to comment on Sheard's behalf.
The 21-year-old Sheard is from Hollywood Hills, Fla. He tallied five sacks while starting all 13 games for the Panthers last season.