Tests on Monday detected the tear. Hazelton will have surgery and miss the rest of the season.
Hazelton, a senior, was playing his first game in a Bearcats uniform after transferring from USC following the 2008 season. He caught six passes for 63 yards in Saturday's game before the injury, which occurred as he returned a kickoff.
"It's very unfortunate and extremely disappointing, especially given the strides he made," Cincinnati coach Butch Jones said. "I know he's really down right now but he will bounce back."
Jones said senior Marcus Barnett will assume Hazelton's starting role at receiver.
Brian Bennett covers Big East football ESPN.com. Information from The Associated Press was used in this report.