Appeals officer James Thrash heard Davis' appeal.
Davis will miss Sunday's home game against the Tampa Bay Buccaneers. He is eligible to return to the Panthers' active roster on Dec. 26.
The linebacker was suspended for his illegal hit on Green Bay Packers receiver Davante Adams in Sunday's home game. Davis hit a defenseless Adams, leading with his helmet, after Panthers safety Colin Jones picked off an Aaron Rodgers pass and returned it 34 yards.
Davis was penalized for the hit, which was dubbed "flagrant" by NFL vice president of football operations Jon Runyan, but remained in the game. Adams suffered his third concussion in two seasons.
Adams lashed out at Davis on Monday, tweeting that the Panthers linebacker was "headhunting" when he led with his helmet on the blindside hit on Sunday. Davis tweeted a reply to Adams, saying he "made a mistake."
On Tuesday, Packers receiver Randall Cobb had plenty to say about Davis' hit on his teammate.
"It's bulls---," Cobb said Tuesday. "Excuse my language, but there's no place in this game for that. It's already a violent enough game, and we put our lives on the line every single time we take that field. Unnecessary hits like that in a situation like Davante was in this past week, it's uncalled for."
Adams was able to walk off under his own power after the illegal hit, unlike after the concussion he suffered against the Bears in Week 4, when Chicago linebacker Danny Trevathan knocked him out. Adams was taken off the field on a gurney and spent the night in the hospital, but he returned for the next game. Trevathan served a one-game suspension.
Packers coach Mike McCarthy said Monday evening that Adams is "doing good."
ESPN's Rob Demovsky contributed to this report.