Four players have been offered new deals. Mark Hughes, Chris Dunn, Jason Crowe and Giles Coke have until June 16th to decide to take up the new offers.
Bayo Akinfenwa is set to stay after a clause in his contract was activated to keep him a Cobbler.
"We are sorry to see some excellent servants of the club depart, but the bottom line is we have not been good enough this season," said Gray.
"It is never an easy decision, and of course we wish those players moving on all the best and thank them for their efforts."