Collingwood delists Cameron Wood, Simon Buckley, Kirk Ugle, Luke Rounds and Jonathon Ceglar as part of its list overhaul.
"All of the boys did what they could to give themselves a chance and they were good people to have around the club," Collingwood director of football Geoff Walsh said.
"People don't always see what sacrifices are made to try to forge an AFL career. We thank all of them for that effort and wish them well."