The Magpies delist five players including Trent Bianco, Trey Ruscoe, Tom Wilson, Arlo Draper and Cooper Murley.
"Decision-making at this time of the year is always tough and we thank each of the players for their contribution to the Collingwood Football Club," Magpies general manager of football Graham Wright said.
"Trent, Trey, Tom, Arlo and Cooper have all played an important role in this year's success and that has not gone unrecognised. We thank them for their dedication to our football program."