Yes your player is available for CUP match since he got the RED in CL...So he is banned for 1 match in CL only...
Plus the red card which is being shown in front of his name now will be light RED in color I think...It indicates that the your Player is eligible to play for next match...When the color turns Dark Red then it will mean your player cannot play the next match......
You can also take the mouse pointer to the card it will show the details......