The team announced the moves Tuesday.
McGee had surgery on his left knee Monday after getting 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 only six games after missing time because of a hamstring he injured in the season-opener.
The Bills promoted receiver Kamar Aiken from the practice squad, and also signed free agent receiver Derek Hagan to help offset the loss of Jones, who finished with 23 catches for 231 yards in eight games.
The Bills also signed defensive back Prince Miller and re-signed guard Keith Williams to the practice squad.