The school did not elaborate on the suspension, but coach Chris Mack said Tuesday that Reynolds will be reinstated when he shows sufficient progress.
Reynolds has played in 19 games, averaging 2.8 points and 2.8 rebounds.
The Musketeers are coming off an 81-72 loss at Providence that left them 15-5 overall, 5-2 in the Big East. The Musketeers are tied with Providence for third place in the conference, a game behind Creighton and Villanova.
The Musketeers host Seton Hall on Saturday.