The Jaguars made the moves Thursday, the eve of training camp.
Jacksonville had been looking for a second place-kicker for camp and needed another receiver after placing Justin Blackmon (groin) and Taylor Price (foot) on the physically unable to perform list.
McKenzie, a 6-foot-1 rookie from Southern Oregon, originally signed with the Jaguars as an undrafted rookie in April. Yates, an undrafted rookie from South Carolina, was invited to work out for Jacksonville during a rookie minicamp in May.
Without Reed, the Jaguars have five tight ends for the start of camp. Banjo became expendable after the team claimed Ray Polk off waivers from Seattle on Wednesday.
Source: Associated Press