Drewe Broughton, Matt Carbon, Sam Collins, Gareth Edds and Kieran Murphy have all been told they will not be offered contracts for next season.
Chairman Pete Winkelman told the club's official website: "I'd like to thank all of the players for their work with the club, particularly Gareth Edds after four years of service and some unforgettable moments.
"While Drewe and Matt have only been with us for a year, their respective efforts both on and off the pitch have contributed a great deal to what has been an historic season for the club.
"For Sam and Kieran, two talented young players developed in the club's academy, I have every confidence that they will continue their careers in the professional game. I wish them all the very best of luck with their future careers."