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.
Inter Miami saluted Argentine star Lionel Messi's eighth Ballon d'Or on Friday, but their friendly match to mark the achievement ended in a 2-1 loss to MLS rivals New York City FC.
Inter Miami will celebrate Lionel Messi's record eighth Ballon d'Or award with a friendly against New York City FC.
Nothing in life is certain except death, taxes, and Lionel Messi winning the Ballon d’Or. But perhaps this time, it could have been Erling Haaland.
Lionel Messi returned to the starting lineup but couldn't prevent his first MLS season from ending in defeat as Charlotte FC beat Inter Miami 1-0 in front of a crowd of 66,101 at Bank of America Stadium.
Pep Guardiola says Lionel Messi should have his own category at the Ballon d'Or but admitted the World Cup winner and Manchester City hotshot Erling Haaland would both be deserving winners of the prize.
"I will enjoy the holidays in Argentina. It's the first time that I am going to have more days off in December, with the holidays, with peace of mind, with my people. In January, I will return (to Miami) again to do preseason, start from scratch and prepare as best as possible as always."
The team will play two Chinese Super League teams in friendly matches, first facing Qingdao Hainiu on November 5 before playing against Chengdu Rongcheng three days later.
Messi returned from injury as a substitute in the 55th minute but Cincinnati, who have earned top seed in the playoffs, grabbed the win with a goal from Argentine Alvaro Barreal
Inter Miami boss Gerardo Martino provided an update on Lionel Messi's injury status after the Argentine missed his third straight Inter Miami game.
Messi was substituted after 38 minutes of the team's win over Toronto FC on September 20 but missed the following league game at Orlando and Wednesday's US Open Cup defeat to Houston.
