McNichols was released by the Falcons on Thursday.
The 5-foot-9 running back was dropped along with receiver Austin Trammell in corresponding moves to make room for the additions of offensive lineman Jonotthan Harrison and defensive lineman Jalen Dalton. McNichols spent the past two seasons playing for Tennessee, accumulating 655 yards on 116 total touches over 30 regular-season games during that span.