Paddy Jackson and Stuart Olding have both released statements detailing their regret and disappointment at having their contracts with Ulster and the Irish Rugby Football Union revoked.
Both players leave the province with immediate effect following a review conducted in the aftermath of recent court proceedings.
Jackson and Olding were found not guilty last month of raping the same woman after a high-profile trial but other aspects of their behaviour have been heavily criticised, with major sponsors of Ulster having voiced concern.
The IRFU and Ulster review had focused on a series of sexually explicit WhatsApp conversations involving the players and their friends about the sexual encounter at the centre of the rape trial.
In a statement released to Press Association, Jackson said: "I am deeply disappointed about the outcome of the IRFU and Ulster Rugby's internal review.
"However, I recognise that my behaviour has fallen far short of the values expected of me as an intentional player, a role model for the game of rugby and as a son and a brother. I am truly sorry.
"Since I was a young boy it was my ambition to play for Ulster and Ireland and I am extremely proud, privileged and honoured to have done so. It is therefore with great sadness and regret but with many cherished memories that I leave behind.
"I would like to thank everyone who has supported me throughout process. I have taken great strength from that support. I'd also like to thank Ulster and Irish rugby for the opportunities that they provided for me an dI wish them, and all my former teammates, every success.
"My focus in the months and years ahead will be on rebuilding the trust placed in me by people throughout Ulster and Ireland."
In a separate statement, Olding said: "It is with regret that I have been informed that the IRFU have decided to revoke my contract.
"As I said outside Court following my acquittal, I am and will always be fiercely proud of having played for my province and country.
"I very much wished to continue to have the opportunity to represent them. Regrettably, influences outside of my contractual arrangement have made it impossible for that to happen.
"I said outside Court that the Stuart Olding that you read about in the trial is not the real Stuart Olding.
"The treatment that I have received since my acquittal, both fair and unfair, has made me even more determined to prove myself.
"With the support of my family and friends I shall seek new challenges elsewhere. I bear no one any ill will. I am very sorry that this day has come to pass.
"To those who have supported me through these last 20 months and especially the fans who continue to support me, I thank you all."