Childs, 22, was shot multiple times in the arm and torso and is currently hospitalized. He is in stable condition.
"We are deeply concerned that an incident occurred overnight in which one of our players, Hassan Childs, was injured in a shooting," head coach Charlie Strong said in a statement.
"Thankfully, Hassan is in stable condition and being well cared for, and no one else was injured," Strong said. "There is an ongoing investigation of the incident and we are in the process of gathering further information. Out of respect for the integrity of the investigation, we cannot comment further at this time."
According to the Tampa Police Department, the incident happened off-campus at 11:15 p.m. at the Eagles Point Apartment Complex on North 46th Street in Tampa.
Spokesperson Lt. Steve Lee described the incident as "possibly road rage in which Childs and another individual got into an argument and each person had a gun, and Childs was shot several times."
No suspect has been named and no arrest has been made. Lee did not know whether the firearms were registered to either individual.
"Right now it's up to the State Attorney's Office to find out who was the aggressor and who was the victim," Lee said.
In 2016, Childs registered 16 tackles in five games, with a career-high five tackles against East Carolina and Navy.
This is not the first gun-related incident for the USF football program. In 2015, under then-head coach Willie Taggart, offensive lineman Benjamin Knox was arrested for shooting a handgun at an on-campus apartment complex wall.
Cornerback Lamar Robbins also was charged in the 2015 incident but was not prosecuted and was reinstated to the team, while Knox transferred to Independence Community College in Kansas.