Coach Dan McCarney said Wednesday he decided to suspend both players after talking to them following their arrests.
Denton police say suspects later identified as Ellis and Loving were seen taking TVs out of a Walmart store in separate shopping carts without paying for them. Police say Ellis and Loving admitted to the thefts and returned the TVs at a police station.
Both players are facing misdemeanor theft charges.
Ellis played in 10 games as a sophomore and had six tackles. Loving was a junior transfer from Blinn College last season.