Rainey, a junior who had 10 catches for 161 yards last season, was charged with aggravated stalking, a felony, after sending texts, including the phrase "Time to Die," to a woman he has known for three years.
Rainey entered into an agreement after the state attorney determined the facts of the case more accurately reflected a charge of misdemeanor stalking.
If he completes the terms of the agreement, the charge will be dropped.
Rainey must stay out of trouble for at least six months, must have no hostile contact with the unnamed alleged victim, must undergo counseling and donate money to a domestic violence center or perform 10 hours of community service.
The alleged victim released a statement through the state attorney saying she agreed with the decision, that "[Rainey's] actions that night were out of character" and that he has not shown "violent or threatening behavior" toward her in the past.
Two weeks ago, Rainey was suspended indefinitely by Florida. At that point, Gators coach Urban Meyer said Rainey's status with the team would be evaluated over time.
Meyer said Monday that Rainey was still "not part of the team." Asked whether Rainey definitely would not play Saturday against top-ranked Alabama, Meyer said, "This week? Oh, yeah."
The victim, who used to date Rainey, said in court she did not want him prosecuted.
"Although I believe that probable cause existed for a felony charge because the facts involve an at least arguable threat, which is within the legal definition of felony stalking, the defendant was never in a position to have acted on that threat and there is little if anything in his actions that night or in his background to suggest that he would have done so," State Attorney Bill Cervone said in a statement. "Misdemeanor stalking is legally the more appropriate charge when no imminent danger was perceived or can be proven beyond a reasonable doubt, and the harassing contact, not done in person, occurred in a short, compressed time period."
The victim, who requested anonymity, said she was in "full support" of the state's decision to reduce the charge.
"We have known Chris Rainey for three years and never during that time has he displayed any violent or threatening behavior towards us or anyone," she said. "To our knowledge, Chris does not drink alcohol or use drugs. His actions that night were out of character for reasons unknown to us, which is why we stood up in court on his behalf. The police were called that night to ensure the safety of everyone involved."
According to Gainesville Police, the woman fell asleep and missed a call from Rainey. Rainey then went to her home, they talked and she told him to leave. According to police, the woman got the text a short time later and called 911.
Rainey, from nearby Lakeland, has six receptions and a touchdown this season. He also served as the team's primary punt returner.
Information from ESPN's Joe Schad and The Associated Press was used in this report.