ESPN's Rich Cimini added that "It became apparent in recent days that Bilal Powell and Trent Cannon were solid as the RB3 and RB4, respectively."
McGuire, 25, appeared in eight games for the Jets last season (three starts), rushing for 276 yards and three touchdowns. For his career he's rushed for 591 yards and four touchdowns, adding 36 receptions for another 370 yards and two scores.
But with Le'Veon Bell and Ty Montgomery added in the offseason, the team's running back room became more crowded, and McGuire fell down the depth chart. Add in Powell's experience level and Cannon's ability to make an impact on special teams, and McGuire's roster spot always seemed in peril.
Despite Powell returning from a severe neck injury, he was always likely to play a part with the team this year.
"There is a lot of trust there with Bilal, just going against him as many years as I have," head coach Adam Gase said after Thursday's preseason game, per Al Iannazzone of Newsday. "With the younger guys we have to figure out how many we're going to keep and what we're looking at there."
McGuire played into the fourth quarter in Thursday's preseason win over the Philadelphia Eagles on Thursday, never a great sign in the final preseason contest, when roster locks rarely play. He rushed 14 times for 29 yards, adding five passes for 35 yards, but it wasn't enough of an impression to remain with the Jets.