The suspensions of cornerback Jordan Love and tight end James Oboh were announced before the Tigers played in their first FCS title game against two-time defending champion North Dakota State.
School officials gave no other information, including details about what led to the suspensions.
Love, a former transfer from Georgia, had 64 tackles this season and was second on the team with 10 pass breakups.
Oboh, who came to Towson from Florida Atlantic before the 2010 season, had 23 catches for 354 yards for a 15.4 yard-per-catch average. His four receiving TDs were tied for the team lead.