The moves announced Saturday enable the Sabres to trim just over $5 million from the salary cap. Buffalo had been about $3 million over the $64.3 million cap.
If the players aren't claimed off waivers by another team by Monday, they could be assigned to Rochester of the AHL.
The 32-year-old Kotalik scored four goals in 26 games last season with Calgary. His best NHL season was in 2005-06 when he netted 25 goals and 62 points with Buffalo.
The 28-year-old Morrisonn played in 62 games with the Sabres last season.