Delisted are Scott Harding and Wade Thompson from the senior list and rookie listed players Cameron Cloke, Glenn Dawson and Jordan Johns.
Harding, 24, played two games for the Power this season after being recruited from the Brisbane Lions via the 2010 Pre-season Draft.
Thompson, 22, played two games for the club in 2009 but failed to add to that tally this season after being elevated from the rookie list at the end of last season.
Former Collingwood and Carlton player Cloke, 25, was recruited by the Power via the 2010 Rookie Draft. He was upgraded onto the senior list and made his debut for the club in Round 3 against Brisbane, but failed to play another senior game for the remainder of the season.
Both Dawson and Johns leave the club without playing a senior game.
Dawson, 20 on Thursday, was originally drafted to the Power in the 2008 AFL Draft. He was delisted from the senior list at the end of last season but was re-drafted via the 2010 Rookie Draft.
Johns, 19, was selected by the Power as a 2010 Rookie Draft NSW scholarship selection.
Power Football Operations Manager Peter Rohde thanked the players for their contribution to the club and says it’s always a difficult time of year.
“With limited places on an AFL list it’s always difficult at this time of the year when a few players have to miss out,” Rohde said.
“It is important though that we free up some spots on our list so that we can continue to regenerate and improve our playing group through the upcoming trade and draft period.
“All five players have been quality people to have around the club and they’ve all made a contribution during their time.
“We thank them for their service and wish them all the very best in the future.”
The Port Adelaide Football Club will make no further announcements regarding the playing list until the AFL exchange period concludes on October 11.