Switching Time Machine external drives

Would Time Machine recognize the switching of external USB drives on a network storage device which are being used for backups?

I was wondering if a farily small (less than 5 prople) business could use two identically configured external USB hard drives (on a network storage device) for Time Machine backups and swap them out each week. Would Time Machine remain sane and work without issues? This would allow for off-site storage of Time Machine backups and rotation on a weekly basis.