Phillips, who was born in Charlotte, was the most productive wideout in the XFL earlier this year. Playing with Panthers quarterback P.J. Walker on the Houston Roughnecks, Phillips led the league with 31 receptions, 455 yards receiving, and nine receiving touchdowns.
Phillips originally signed with Buffalo as an undrafted free agent in 2018 out of Virginia Tech. He appeared in two games for the Bills, making one reception for nine yards.
In 2017, Phillips was a first-team All-ACC honoree after making 71 receptions for 964 yards with seven touchdowns during his senior year with the Hokies.
Stewart signed with the Packers in April as an undrafted free agent out of Michigan State. Green Bay cut Stewart on Aug. 15. He totaled 150 receptions for 1,640 yards with seven touchdowns in college.
As corresponding roster moves, the Panthers waived/injured cornerback Derrek Thomas and placed wide receiver Omar Bayless on the reserve/injured list. If Thomas clears waivers, he will be placed on Carolina's reserve/injured list.
Bayless (knee) is one of several wideouts who have been banged up recently. Seth Roberts (concussion protocol), Keith Kirkwood (clavicle), and Tommylee Lewis (hamstring) have all missed practice time this past week.