Eric Baylor, 23, faces a charge of aggravated battery domestic violence after an incident in which he allegedly stabbed Williams in the thigh Sunday at the receiver's Tampa home.
Williams was treated for a minor laceration at St. Joseph's Hospital and released.
Police had issued a warrant for Baylor's arrest after there were conflicting accounts of what took place.
Williams reportedly told police he and Baylor were wrestling and he was accidentally stabbed during the horseplay. But according to police, multiple witnesses said Baylor and Williams had an argument that led to the stabbing.
On Tuesday, general manager Jason Licht said that Williams talked to coach Lovie Smith on Monday afternoon and said the injury was minor. Licht also said the team was gathering facts but was looking at it as though Williams was a victim.
The Buccaneers released a statement Sunday, saying they were aware of the situation and that the team's primary concern was Williams' well-being.
Sunday's incident is the latest off-field issue for Williams, who signed a six-year, $40.25 million deal with Tampa Bay last July. Williams faces misdemeanor charges of criminal mischief and trespassing, and he has paid more than $43,000 in damages for destructive house parties.
The Associated Press contributed to this report.