The Jaguars had a roster exemption for Jones-Drew, who ended a 38-day holdout last Sunday. He is expected to play in Sunday's season opener at Minnesota.
Toston, a four-year letterman at Oklahoma State, spent the 2010 season with St. Louis. He signed with Jacksonville in August, carrying 22 times for 171 yards and a touchdown in the preseason.
He had been competing with Jalen Parmele for a roster spot. Both made the 53-man roster, but only because Jones-Drew had not reported.
The Jaguars ended up keeping Parmele over Toston mostly because of special teams.