Chicago announced the transactions on Monday.
The Bears signed the rookie kicker out of Utah on May 11 as an undrafted free agent. Phillips was a four-time All-Pac 12 selection and four-time Lou Groza Award semifinalist. His 84 made field goals, 100 field goal attempts and 427 points scored are Utah school records. He played in all 51 games for Utah from 2013 to 2016.
"Very grateful for the short time I was able to be a Chicago Bear! Here's to future opportunities," Phillips tweeted Sunday night from Solider Field.
Phillips had never played organized football until college, when he walked on for the Utes. The 28-year-old is also a competitive downhill skier.
Howard tallied 1,014 yards and four touchdowns on 99 catches for the Tennessee Volunteers from 2012 to 2015. In 2014, he had a career-best 618 yards and scored once on 54 receptions. He also had 96 rushing yards and two scores on 15 carries. The 5-foot-7, 184-pound wide receiver goes by the nickname "Pig." Howard was dismissed by Tennessee during his senior season in 2015 for a violation of team rules.
He joins Cameron Meredith, Kevin White, Markus Wheaton, Deonte Thompson, Josh Bellamy, Daniel Braverman, Kendall Wright, Victor Cruz, Rueben Randle and Tanner Gentry on the team's depth chart at the position.