Both players have been recovering from injuries and were designated as waived/injured, the team announced Wednesday.
Nesbitt opened last season on the Bills practice squad before being promoted to the active roster in mid-November. He did not appear in a game.
Hill was signed by the Bills in April as an undrafted rookie free agent out of Virginia Tech.
The moves leave Buffalo with an 86-player roster.
The Bills prepare for their third preseason game on Saturday, when the host Pittsburgh.