shifts of a cavity QED system provides more functionality for performing either quantum measurements or logical manipulations. Here, we couple two transmon qubits to a lumped-element cavity through a shared dc-SQUID. Our design balances the mutual capacitive and inductive circuit components so that both qubits are highly decoupled from the cavity, offering protection from decoherence processes. We show that by parametrically driving the SQUID with an oscillating flux it is possible to independently tune the interactions between either of the qubits and the cavity dynamically. The strength and detuning of this cavity QED interaction can be fully controlled through the choice of the parametric pump frequency and amplitude. As a practical demonstration, we perform pulsed parametric dispersive readout of both qubits while statically decoupled from the cavity. The dispersive frequency shifts of the cavity mode follow the expected magnitude and sign based on simple theory that is supported by a more thorough theoretical investigation. This parametric approach creates a new tunable cavity QED framework for developing quantum information systems with various future applications, such as entanglement and error correction via multi-qubit parity readout, state and entanglement stabilization, and parametric logical gates.