Of the out-of-contract players, only Stuart Whitehead and youngster Gavin Cadwallader have been retained.
Trevor Challis, Jake Sedgemore and Kevin Street, all key in Town's promotion push last season, have been shown the door.
And Peters cited the lack of quality for the sweeping changes. He acknowledged that the players had given their best, but that this was not good enough to finish higher than fourth-bottom.
Also vacating the Meadow will be youth players Liam Murray and Ross Stephens. Old timer Martin O'Connor is also on the way out.
With such a mass clearout, Town fans will be waiting with baited breath to see who Peters brings in to replace them.