Six-foot, 193-pound Toney is the Gators' top receiver, leading the team in catches (70) and receiving yards (984) and leading the wide receivers in touchdowns (10).
Grimes ranks third on the team in receptions (38), receiving yards (589) and receiving touchdowns (9).
The Gators will now be without their top four pass-catchers for the game against No. 6 Oklahoma, with standout tight end Kyle Pitts, who was named to the AP All-America first team Monday, previously announcing he was opting out of the bowl game.
Toney, who was named to the All-America second team, is ranked the No. 8 wide receiver by ESPN's Mel Kiper Jr.
Grimes, who is 6-4 and 218 pounds, began his career at Ohio State before transferring to Florida in December 2017. He wrote Monday on Twitter that playing in the NFL is a "lifelong dream" for him. Grimes appeared in 37 games for Florida, recording 97 career receptions for 1,444 yards and 14 touchdowns.
Gators quarterback Kyle Trask, who was also named to the AP All-America second team, still is expected to play Wednesday. The seventh-ranked Gators, who fell to top-ranked Alabama in the SEC championship game on Dec. 19, are aiming for their third consecutive New Year's Six bowl victory under coach Dan Mullen.