Colon was outrighted to Triple-A Omaha and signed to a Minor League contract. Brazell, Bankston and Mildren were designated for assignment.
The four promotions protect those players from exposure to the Rule 5 Draft on Dec. 6, when the Winter Meetings wind down at Nashville, Tenn.
Tupman, 27, could compete with Paul Phillips for the backup spot behind John Buck. Tupman hit .281 for Omaha with one home run and 32 RBIs in 86 games. He shared the catching with Phillips, who hit .238.
Lisson, 23, was a Carolina League All-Star for Class A Wilmington, batting .285 with eight homers and 61 RBIs in 126 games. He also stole 23 bases.
Lumsden, 24, arrived from the White Sox in the 2006 trade for Mike MacDougal. This year, Lumsden was 9-6 with a 5.88 ERA for Omaha.
Pimentel, 21, was acquired from the Dodgers along with pitcher Odalis Perez in 2006. Playing for Wilmington this year, he had a 12-4 record and a 2.65 ERA -- third in the league.
Brazell didn't figure in the Royals' plans, despite banging 32 home runs, a .307 average and 76 RBIs for Omaha. Bankston was claimed on waivers from Tampa Bay after hitting .238 for Triple-A Durham last summer.
Mildren, an Australian, was claimed on waivers from Florida in August after going 5-7 as a starter for Triple-A Albuquerque. He was 1-1 in three starts for Omaha.
Colon, obtained in a trade with the Tigers, pitched just one game for Omaha before going on the disabled list and having elbow surgery for bone chips.
Dick Kaegel is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.