"All NFL personnel are expected to conduct themselves at all times in a manner that shows respect for our fans and reflects positively on their team and the NFL," the NFL said in a statement.
A video posted on social media showed Tepper throwing the contents of a drink at the Jacksonville crowd from inside a suite at EverBank Stadium. The incident occurred late in a game Carolina lost 26-0 on the road.
"I am deeply passionate about this team and regret my behavior on Sunday," Tepper said in a statement. "I should have let NFL stadium security handle the issues that arose. I respect the NFL's code of conduct and accept discipline from the league for my behavior."
Tepper, 66, bought the Panthers in 2018 for $2.75 billion. However, he has yet to have a winning season since taking over the team. Four head coaches have been fired after the team failed to make the playoffs with a 31-67 record.
Frank Reich's dismissal after a 1-10 start to this season marks the second consecutive in-season head coaching change for Carolina. The 2-14 Panthers already have the worst record in the NFL, but they won't get the No. 1 overall pick in 2023 after trading the top pick for quarterback Bryce Young.