Sheffield Wednesday boss Chris Turner has axed 13 players following a dismal season for the Owls.
Pressman has been at Hillsborough for almost 19 years
The list is headed by keeper Kevin Pressman, who has played 468 games for the club, Alan Quinn, Paul McLaren and Robbie Mustoe and Steve Haslam.
The 36-year-old Pressman has been awarded a testimonial.
Also leaving are Derek Geary, Leigh Bromby, Brian Barry-Murphy, Dean Smith, Terry Cooke, Mark Robins, John Beswetherick and Chris Stringer.
The 20-year-old keeper Stringer is to retire through injury
"It was important for us to have a change of personnel at the club," Turner told Wednesday's website.
"I will be bringing in new players over the summer who have the strength, competitiveness and discipline to succeed in Division Two."
Only young strikers Jon Shaw and Lewis McMahon have been offered new contracts.