The incident unfolded when officers responded to a robbery call at the Delta Sigma Phi fraternity house at 2:30 a.m. Sunday.
One of the football players, 19-year-old Cameron Marcel Akins, tried to fight off one police officer as witnesses helped subdue him, authorities said. A handgun was recovered on the ground near the altercation, police said.
He faces charges of robbery with a firearm, assault on a police officer and resisting arrest
A second suspect, 20-year-old Cortland Josiah Fort, was arrested on a suspicion of robbery charge after other responding officers say they saw him trying to leave the scene in a vehicle.
Three other players suspected of being involved in the robbery were arrested on Cal Poly's campus a few hours later. Dominique Alize Love, 19, was arrested on suspicion of robbery, while Jake Anthony Brito, 18, and Kristaan Sterling Ivory, 20, are accused of conspiracy to commit robbery, police said.
Love was arrested on a robbery charge after witness information placed him at the scene, and Brito and Ivory were arrested on charges of conspiracy to commit robbery, police said.
All five have posted bail since their arrests.
Cal Poly said it will be conducting internal investigations into possible student conduct violations. The five players have since been suspended from the football team.
"Cal Poly recognizes the seriousness of these charges and will move swiftly to take the appropriate responses," the university wrote in a statement. "As always, any violation of the university's student conduct policies will not be tolerated and will be dealt with summarily, to ensure that student health and safety and the university's academic environment are maintained."