"I made a mistake and I take full responsibility for it. I am embarrassed that I made this decision and I'm truly sorry to my family, my friends, and Oklahoma State altogether," said Blackmon, who addressed the media for the first time after Wednesday's practice.
"I look forward to redeeming myself and proving that this isn't who I am. I'm not this guy. I'm humbled by this experience and I will grow from it," Blackmon added.
Gundy said he received a telephone call at 6:51 a.m. Tuesday in which he learned Blackmon was arrested while driving back to Stillwater from Monday night's Dallas Cowboys game in which former OSU teammate Dez Bryant scored three touchdowns.
Blackmon, who does not turn 21 until January, was driving a Chevy Silverado pickup on I-35 when he pulled over in Carrollton for driving 92 mph in a 60 mph zone at 3:45 a.m. Tuesday.
Blackmon was the only one of the four people, including Cowboy receiver Tracy Moore, in the truck arrested. He was released from jail at 8:06 a.m. Tuesday after former Cowboy teammate Taylor Sokolosky, one of the passenger's in the truck, posted a $375 bond.
"It's unfortunate that his happened for him because he really is a good person. Last night on my radio show I was asked about him and I meant exactly what I said, I wouldn't have an issue with leaving him with my three sons. I'd let him babysit them in a heartbeat," Gundy said.
"He's a very caring person who made a mistake and he's going to suffer the consequences. I think he understands now that he's elevated himself to the level nationally that when he makes a mistake everybody is going to know about it. Or, if he does something good and productive, which he does a lot, everybody is going to be aware of it. He needs to understand where he stands, and that's the way it is from this point on would be my guess," added Gundy, who said no other Cowboy players were suspended for Saturday's game.
Gundy said he had no problem suspending Blackmon for this weekend's game against Kansas State.
"That's a decision that he made and he has to suffer the consequences. His teammates have to make up for that, and prepare like they have the last two days to go out and play the best they can in Manhattan. We expect our team to go out and play well enough to win the football game with or without a player, or with or without a coach," said Gundy.
"We're a big organization and we'll always move forward. It's a tough decision because you don't like to see anybody suffer, and he's hurting right now. He's very remorseful but it's not a difficult decision once I gather the facts and found out what was going on."
Blackmon says that he apologized to his teammates for causing headlines across the nation.
"I have apologized to them about being a distraction. I'm sorry that I brought this on," said Blackmon. "I apologize to this program and also to this school, Oklahoma State. I've brought a lot of bad press to Oklahoma State and I'm really sorry for that."
The 6-1, 207-pound sophomore receiver has been one of college football's biggest surprises this season with 62 catches for 1,112 yards and 14 touchdowns. He leads the nation in receiving yards per game (158.86), scoring (12.9 ppg), and touchdown receptions (14).
The Cowboy receiver has been a model citizen since arriving at Oklahoma State three years ago. This season he befriended an 8-year-old cancer patient from Sperry, Okla., who attended OSU's 65-28 victory over Tulsa earlier this season in which Blackmon caught three touchdown passes. He also is one of several Cowboys who have established a pen-pal relationship with servicemen and women currently serving in the military.