Retired legends Glenn McGrath and Shane Warne, along with Damien Martyn and Justin Langer, made way for fresh faces in Cricket Australia's list of 25 contracted players announced in Melbourne on Tuesday.
With form over the past 12 months and the likelihood of selection in future being the criteria, the board also decided against renewing the contracts of veterans Simon Katich and Michael Kasprowicz but decided to keep out-of-favour pacer Jason Gillispie on the list.
The new faces to make the cut include Cullen Bailey, Chris Rogers and Ben Hilfenhaus.
CA said the contracted players would be paid a base retainer, which would be levelled according to a player ranking system decided by the National Selection Panel (NSP).
Each player will also receive match fees, tour fees and prize money for on-field success.
Among the other new names, South Australian leg-spinner Cullen Bailey is among a spin quartet, which also includes Brad Hogg, Stuart MacGill and Dan Cullen, to be offered a contract.
NSP Chairman Andrew Hilditch said the four spinners have been brought in to fill the void left by Warne's retirement after the Ashes earlier this year.
The retirement of Shane Warne is a significant issue for Australian cricket. While he is obviously irreplaceable we are pleased that we have experienced spinners in Stuart MacGill, who has a great Test record and Brad Hogg, who has just finished a highly successful World Cup.
"We will also look to Cullen Bailey and Dan Cullen to continue with their exciting development and realise their potential," he said.