McPhee was charged with making negligent high-level contact on Port Adelaide midfielder Travis Boak in Sunday's twilight match at Telstra Dome and, as a result, will miss the Bombers' round eight clash against Sydney at ANZ Stadium.
The tribunal took 10 minutes to make its decision and McPhee will retain 37.5 points on his record because he had been previously suspended in the last three years.
The Bombers will also miss Lovett-Murray for the Swans match, after he was cited for striking Power forward Daniel Motlop in the match and charged with a level two offence.
He will also pocket an additional 62.5 points because of an existing record.
Earlier in the day, West Coast's Adam Selwood and Carlton skipper Chris Judd both accepted $900 sanctions for wrestling, while Mathew Stokes from Geelong will miss the Cats' next match against Richmond after accepting a one-match suspension for striking Michael Rischitelli of the Brisbane Lions.
