Prater could have received a season-long ban under the terms of the league's program. He has been in the NFL's alcohol program since being charged with driving under the influence with DUI in August 2011.
"I am definitely going to make some changes in my life: not drink at all or risk doing anything stupid like that," Prater said to the Denver Post. "I need to keep myself out of certain situations where people are drinking."
Prater will forfeit $705,000 in base salary during his suspension.
Prater, 30, made 96.2 percent of his field-goal attempts last season, including an NFL-record 64-yard kick in December against the Tennessee Titans. He was also second in the NFL in scoring, converting 25 of 26 field goals and all 75 of his extra point attempts.
"I take full responsibility for what's happened, I'm accountable for it," Prater said. "It's no one's fault but my own, I'm dealing with it, hopefully learn from it, improve as a person and a football player."
- Scooby Axson