Burress will miss Sunday's game against the Seattle Seahawks and he will be docked $117,000, his weekly pay, for that game.
Originally, Burress was to be penalized $235,294 for two weeks, but the settlement cuts that fine in half.
Late Thursday night, the National Football League and the NFLPA signed off on the agreement. Burress will return to the team on Monday, Oct. 6.
Burress was suspended last Wednesday for missing a Monday team meeting and being unreachable by phone. His agent, Drew Rosenhaus, who appealed the initial suspension to the players association, has said Burress was dealing with important family matters.
Sal Paolantonio covers the NFL for ESPN.