The suspensions stem from an altercation in Clement Hall Dormitory at 5:15 Sunday morning. Ultimately, UT police were summoned and a student was treated at UT Hospital for a head wound that required four staples to close. Smith and Schaeffer were arrested, then released.
"They made a bad social decision and were poor representatives of our team," Fulmer said in a statement released by the sports information department.
The head man added that neither player will participate in Saturday's Orange and White Game at Neyland Stadium.
Schaeffer started Tennessee's first three games of 2004 before surrendering the QB job to fellow freshman Erik Ainge. Schaeffer came off the bench to rally the Vols to a rousing Game 8 victory at South Carolina but was injured
in the process and missed the final four regular-season games. He saw limited action in their 38-7 Cotton Bowl defeat of Texas A&M.
Shaeffer, a 6-2, 195-pound southpaw, finished the season with a 48.6 percent completion percentage, 302 passing yards and a 129.64 passer-efficiency rating. He was have an excellent spring and bracketed first-team with Ainge and senior Rick Clausen prior to Sunday morning's incident.
Smith, a 6-3, 188-pounder, was UT's sixth-leading receiver as a sophomore last fall. He finished with 18 catches for 291 yards and a team-high five touchdowns. A big-play specialist, he averaged a team-high 16.2 yards per reception. Smith also had a 44-yard touchdown return of an onsides kick in the South Carolina game.