Ouch. Tough situation. I'm reminded of a recent episode of British medical drama Holby City actually... But I won't get into that!
I guess the straight-forward answer is that you've got to make it clear how you actually feel. It might sound a bit cold, but stringing them along because you're afraid to set the record straight will inevitably cause more heartache and problems eventually.
The problem is that us guys take any act of kindness towards us as a sign of "something more".
Half the time, even I walk around in that deluded state of mind... Thinking that every girl that smiles at me or has something nice to say about my salon-quality hair is doing so because they want to marry me and have my kids...
Breaking the bad news that you don't have the hots for either of them might be hard.
No matter how macho they act, guys generally don't like being rejected (we're more sensitive than you might think). So if you plan to continue having a friendship with these guys, I'd stick to these steps:
How to tell your guy friend that you don't like him "in that way"
1. Be to the point. Say something like "I could never think about you in that way" - it excludes room for hope.
once you've told them, let them cool off. Feeling hurt is the normal reaction to finding out the person you like doesn't feel the same way. They may be feeling embarrassed, depressed, confused... It's all normal.
2. Stick around. Don't just jump ship knowing that the going has gotten tough. This is a tricky part in your friendship, but you can still be friends. They will reach out when they're ready.
3. Persevere. Continue to be friendly and don't be discouraged if they blank you a bit. This stage WILL pass eventually.
They may not want to see you as often anymore, but be direct and say something like "even if you're hurt because we're not going out doesn't mean we can't hangout".
Alternatively, you could always set them up with some friends of yours. They'll get over their wounds way quicker if they have another female-pursuit to worry about!