Waddle, an ESPN preseason All-America selection, limped off the field favoring his right ankle and was immediately taken to the locker room on a cart.
CBS reported that Waddle was receiving an X-ray, and the telecast showed him being loaded into an ambulance.
The junior from Houston has caught 25 passes for 557 yards and four touchdowns through four games this season.
With Waddle sidelined, Alabama turned to Slade Bolden as the team's third receiver. Bolden, who hadn't caught a pass this season, had receptions on each of Alabama's first two drives against Tennessee.