McKenzie, 23, is a former fifth-round pick of the Broncos back in 2017. He was in the second year of his rookie contract when the Broncos waived him coming out of the preseason.
McKenzie has been on and off of the Broncos active roster this season.
In 2018, McKenzie has appeared in one games for the Broncos and totaled 13 punt return yards.
Phillips, 22, wound up signing on with the Bills as an undrafted free agent out of Virginia Tech back in May. He agreed to a three-year, $1.71 million contract with the Bills but was waived as they trimmed their roster down to 53 players.
The Bills later signed Phillips to their practice squad at the start of the regular season before recently calling him up.
In 2018, Phillips has appeared in two games for the Bills and caught one pass for nine yards receiving and no touchdowns.
During his four-year college career at Virginia Tech, Phillips caught 236 passes for 3,067 yards receiving and 17 touchdowns. He als rushed for 239 yards on 37 carries over the course of 49 games.