Magee was waived by the Falcons on Saturday, Will McFadden of the team's' official site reports.
The former LSU standout only handled three carries through Week 3 of the preseason, but broke out with 27 yards on six attempts in the finale against Miami. Entering his fourth pro season, Magee will pursue a backup role with another team should he fail to clinch a spot on Atlanta's practice squad for 2018.