The team announced the moves Tuesday.
McGee had surgery on his left knee Monday after being hurt in Sunday's blowout loss to the Miami Dolphins. Jones also was hurt in the Miami game, aggravating a left ankle injury from earlier this season.
McGee played in just six games after missing time because of a hamstring he injured during the season opener.
The Bills promoted wide receiver Kamar Aiken from the practice squad and also signed free-agent wide receiver Derek Hagan to help offset the loss of Jones, who finished with 23 catches for 231 yards in eight games.
Copyright 2011 by The Associated Press