Mascherano, 40, is a former teammate of Miami star Lionel Messi. The two were teammates at FC Barcelona from 2010-18.
Miami had won the regular season campaign with a record points total but after losing twice in the best-of-three series, the MLS Cup favourites and their eight-times Ballon d'Or winner are out.
Portuguese winger Xande Silva blasted home a sensational winner for Atlanta in the fourth minute of stoppage time in front of 68,455 home fans at the Mercedes-Benz Stadium to level the best-of-three postseason series 1-1 and set up a winner-take-all game three in Miami next Saturday.
Miami started with all their big-name stars, including Lionel Messi, on the bench but the Argentine was introduced in the 61st minute to the delight of many in the Toronto crowd.
Messi had been subdued until the 45th minute when he put Inter ahead -- chesting down a long ball into the box and getting a lucky bounce off Crew defender Malte Amundsen before poking home.
Messi tied Saturday's match in the 67th minute when he lasered a shot from beyond the box that evaded diving Charlotte goalkeeper Kristijan Kahlina to make it 1-1.
Inter Miami's charge towards Major League Soccer's single-season points record suffered a setback on Saturday after a last-gasp injury-time equalizer from James Sands snatched a 1-1 draw for New York City FC against the Eastern Conference leaders.
The Argentinian superstar Messi came close to a game-clinching goal in the 83rd, but his angled effort was blocked by Atlanta goalkeeper Brad Guzan and Suarez's attempt to tap in the rebound was also denied.
The eight-times Ballon d'Or winner hadn't played since injuring his right ankle during the Copa America final on July 14, when he helped Argentina to victory over Colombia.
"I don't know if I can (play) or not but I feel a lot better and really want to do it," Messi told reporters
Lionel Messi and David Beckham were booed on Sunday after the Argentina superstar sat out Inter Miami's pre-season friendly in Hong Kong.
Tens of thousands of football fans turned out to see Lionel Messi train with his Inter Miami teammates in Hong Kong on Saturday, as "Messi mania" took hold of the city.
Al Nassr crushed Inter Miami 6-0 as injury ruled Cristiano Ronaldo out of a much-hyped showdown with Lionel Messi, who was limited to a late substitute appearance in Thursday's friendly in Riyadh.
Inter Miami are defending champions in the tournament, which brings together all 47 top-flight teams from MLS and Mexico's Liga MX.
An 88th-minute header from Brazilian forward Malcom settled an entertaining friendly at the Kingdom Arena after Miami fought back to 3-3 from 3-1 down early in the second half.
Lionel Messi's Inter Miami slumped to a 1-0 defeat against FC Dallas in a pre-season friendly on Monday before the team set off on a hectic international tour.
Busquets also feels the club will have to maintain an equilibrium between commercial and football activities.
Uruguayan striker Luis Suarez, a former Barcelona, Liverpool, Atletico Madrid and Ajax star, will join Inter Miami for the 2024 season, the MLS club announced on Friday.
The Major League Soccer club announced on Monday that they would host Newell's at their DRV PNK Stadium on February 15.
