Talib was scheduled to earn $83,382.35 for each game check.
Talib was arrested last year for assaulting a cab driver. He was entered into a pretrial diversion program and ordered to attend anger management classes.
He'll miss the Buccaneers' opening game against the Cleveland Browns on Sept. 12.
"Since last fall, Aqib has done all that's been asked of him and more, on and especially off the field,'' Buccaneers general manager Mark Dominik said in a statement. "We look forward to his return to the field in Week 2.''
Talib, 24, had five interceptions for the Buccaneers last season and has nine in his two-year NFL career.
Information from ESPN.com's Pat Yasinskas was used in this report.