The former Naperville (Ill.) Joliet Catholic HS standout never meshed with the NU offense, which even included a brief stint at superback.
Jones redshirted for his true freshman season in 2012, and then played sparingly in 2013. He carried the ball three times for minus-two yards and caught one pass for six yards.
Jones was also suspended in November 2013 for a "violation of team policy" before eventually being reinstated.
"All of us at Northwestern would like to thank Malin for his contributions to our football family over the last two seasons, and we wish him all the best in his future endeavors," Pat Fitzgerald said in a statement.
It also did not help Jones that the running back depth chart was loaded. Venric Mark, Treyvon Green, Stephen Buckley and Warren Long will anchor the unit, with three talented 2014 running backs joining the fold.