Paul has a Grade 3 AC joint separation of his right shoulder he suffered against the Dallas Mavericks on Jan. 3 that is expected to keep him out another four weeks.
Walker suffered a sprained left ankle that will sideline him for two weeks, the Bobcats said.
Paul was having his typical MVP-type season, averaging 19.6 points per game and a league-best 11.2 assists per game.
Walker, in his third season, was averaging 18.7 points per game, 5.0 assists and 4.2 rebounds.
Paul was expected to join the Clippers on the trip in Charlotte after giving sneakers to his high school in Winston-Salem, N.C.