According to Yahoo Sports, Texas has dismissed three players from the football team. Sophomores DB Chevoski Collins and RB Jalen Overstreet were both dismissed for violation of team rules. Senior Joe Bergeron was also dismissed. It appears he may have been for academic reasons.
Also Junior WR Kendall Sanders and Sophomore WR Montrel Meander were indefinitely suspended for sexual assault. Sanders also faces a charge of improper photography so I think there could be plenty of evidence against them. They also were texting each other during police interviews to get their story straight. Expect them to be dismissed also.
There are more details on the sexual assault here.
Here is the link to the police report on the sexual assault.
Edit: Since this was posted Senior Safety Josh Turner and Senior LB Kendall Thompson have also been dismissed. We are now up to 5 dismisals and 2 indefinite suspensions.
Edit 2: Kendall Thompson was dismissed because of multiple concussions.