This would leave Ronaldo free to face former club Manchester United at Old Trafford.
He will find out next week whether his one-match ban is extended.
The panel are waiting for the official report of referee Felix Brych before deciding whether to extend the ban.
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"It's very harsh. I think if you have seen the pictures, you'll have seen that it's incomprehensible", Matuidi said.
"If I had been officiating this game, I would have given Valencia a free-kick and shown a yellow card to each player".
The Juve superstar was controversially dismissed just 29 minutes into his first European outing for the Serie A champions after tangling with Jeison Murillo.
The reported punishment means Ronaldo will miss Juventus' home game against Young Boys on October 2 but will be available to face former club Manchester United on October 23 at Old Trafford.
Cristiano Ronaldo is consoled by teammate Federico Bernardeschi after receiving a red card during the Champions League, group H soccer match between Valencia and Juventus.
Despite his dismissal from the game, his Italian League outfit still went ahead to win the clash with Miralem Pjanic scoring twice from the spot.