Mays drew a roughing-the-passer penalty for his third-quarter hit on Schaub, who lost part of his earlobe when his helmet flew off in a 31-25 win Sunday.
As part of his suspension, Mays won't practice with the Broncos this week or be at the team's headquarters as they prepare for the Oakland Raiders on Sunday. He will be reinstated Monday.
Mays can appeal the suspension.
When asked after the game if he expected to be fined, Mays said: "Oh yeah. I'm expecting that. But it was not my intention to do that."
Mays is a fifth-year player from North Dakota State.