The signing of free agent Kyle Edwards after the close of the summer transfer window ensured the U’s were two players over the Football League’s 25-man cap.
Left back Bennett was forced off in first half stoppage time as United beat Preston North End 3-1 last time out, and the defender has suffered an injury which will keep him out until the end of the calendar year, meaning he has been cut from the squad.
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Bennett’s absence comes as a major blow, as the 34-year-old started all four of United’s Championship games this season.
It leaves the U’s with just Greg Leigh at left back, after summer signing Jack Currie was loaned to League One side Leyton Orient prior to Bennett’s injury, and can only be recalled in January.
Eastwood meanwhile has been left out, with United naming two goalkeepers in the form of Jamie Cumming and Matt Ingram.
Because an unlimited number of Under-21 players are allowed, apart from incoming loanees, it’s understood that goalkeepers Eddie Brearey and Jacob Knightbridge, both Under-21 players and currently out on loan, can be recalled if required.
Brearey is on loan at Beaconsfield Town in Southern League Division One Central, while Knightbridge is with Vanarama National League side Braintree Town.
Players on loan at National League level or below can be recalled from loan spells outside the transfer windows, unlike teams in the Football League.
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U’s head coach Des Buckingham told the club website: “We must work within the squad limit and it’s disappointing to lose Joe until the New Year as he has been an outstanding player and person since arriving at the club in November.
“We have also developed our goalkeeping department in the off-season which will see Simon Eastwood miss out on being registered on our squad list.
“I must re-emphasise that Simon is such an important person to this club and to our group.
“He has been so vital to the club on this journey back to the Championship and he will remain an extremely important person to us every day at the training ground in keeping our standards to an absolute maximum.”
Oxford United’s confirmed 25-man squad
GOALKEEPERS
Jamie Cumming
Matt Ingram
DEFENDERS
Ciaron Brown
Peter Kioso
Greg Leigh
Sam Long
Elliott Moore
Ben Nelson
Hidde ter Avest
Jordan Thorniley
MIDFIELDERS
Cameron Brannagan
Idris El Mizouni
Josh McEachran
Ruben Rodrigues
Louie Sibley
Will Vaulks
ATTACKERS
Owen Dale
Siriki Dembele
Malcolm Ebiowei
Kyle Edwards
Will Goodwin
Mark Harris
Matt Phillips
Przemyslaw Placheta
Dane Scarlett
Under-21 players (born on or after January 1, 2003) who do not count towards the squad limit
Marselino Ferdinan
Tyler Goodrham
Max Woltman
Out on loan
Eddie Brearey (Under-21)
Jack Currie
Stuart Findlay
James Golding (Under-21)
Josh Johnson (Under-21)
Jacob Knightbridge (Under-21)
Ed McGinty
Stephan Negru
Gatlin O’Donkor (Under-21)