The verdict Wednesday comes after a city jury watched the 10-minute tape of police beating and kicking the three men after a May 2008 police chase.
Defense lawyers believe police thought a fugitive police killer was in the car.
Pete Hopkins Jr. and Dwayne Dyches are being released after spending more than a year in jail on the shooting charges. Co-defendant Brian Hall has been free on bail.
The defendants' relatives wept and slumped in their seats as the jury read the verdicts.