Boykin was arrested early Thursday morning following a bar fight, and was charged with assaulting a police officer.
Wide receiver Preston Miller was also suspended for the game, presumably in connection with Thursday's incident. The junior recorded one reception this season.
"We are disappointed in their actions and apologize to the TCU Horned Frogs Nation, Valero Alamo Bowl, and city of San Antonio," the team said in a statement.
Boykin was present in his hotel room at midnight for a curfew check, but then went after the check to a nearby bar, according to ESPN. Some patrons at Pat O'Brien's recognized Boykin and began to trash-talk the quarterback, leading to a scuffle where Boykin allegedly struck a bar employee.
Despite the removal of Boykin and his group from the bar, the fight continued and police officers arrived on the scene. After being held back by his companions, Boykin allegedly charged the officers, swinging wildly and connecting with an officer's face. He was charged with assaulting a police officer, resisting arrest, and public intoxication.
The suspension marks an abrupt end to Boykin's career with the Horned Frogs, as he is a fifth-year senior. He'll go out as TCU's all-time leader in touchdown passes (86), passing yards (10,728), and total offense.
He was in the Heisman Trophy conversation for much of the season, throwing for 3,575 yards, 31 touchdowns, and 10 interceptions to go along with 612 yards and nine touchdowns on the ground.