The identities of the players have not been released pending notification of relatives.
Hattiesburg Police spokesman Sgt. Allen Murray said the victims were in critical condition at Forrest General Hospital.
The shooting occurred around 1:20 a.m. at Remingtons Hunt Club at 1900 N. 31st Ave.
Murray said an argument occurred inside the nightclub and then spilled over into the parking lot where the shooting occurred.
The university has scheduled a 1:30 p.m. press conference to discuss the incident.
The nightclub is no stranger to Hattiesburg police.
An Oct. 24 report in the Hattiesburg American revealed that police had been called to Remingtons Hunt Club 129 times from January through September, although there had been no arrests.
Club officials said in the Oct. 24 story that they had beefed up security and have about 20 security people on duty on weekends when crowds can swell to as many 1,000 people.
General Manager Nick Dangler said the large security force at the club has caused the amount of problems there to drop.
"We've had people get stabbed in the bar, but that was years ago when the club opened," he said in the Oct. 24 report. The club opened in early 2007.
The shooting occurred just hours after the USM football team had returned to Hattiesburg from Orlando, Fla., where they had knocked off Central Florida, the 25th-ranked team in the nation
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