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Greg Olsen caused quite the stir after dropping his nickname for Buffalo Bills general manager Brandon Beane on live TV ... 'cause as it turns out, the word he used also has an entirely different meaning.

The moment went down when the Buffalo exec joined Olsen and Joe Davis to talk some ball during the Bills vs. Chicago Bears preseason matchup. With Beane's team down 31-0, the guys tried to lighten the mood ... and that's when the former tight end called him the word and said he was "having a tough one" on Sunday.

"Putting that smile on his face, just bad timing," he added.

For those who didn't catch the clip ... Olsen said Beane's last name and added a letter to it -- clearly not meaning to use it as a slur, but it certainly is in other context toward individuals from M

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