Souths threw Schuster a lifeline for 2025 after he was released from his $800,000-a-year Manly contract, having largely struggled to live up to expectations on a switch to the halves.
Injury concerns followed the undoubtedly talented Schuster to Souths, who permitted him indefinite personal leave in June.
Schuster, once viewed as a vital part of Manly's future, now leaves Souths without having played a first-grade game nor a destination announced for 2026.
He has made 50 NRL appearances to date since making his NRL debut in the 2020 season.
Of the nine men leaving Souths, only six played first grade during their time at the club.
Shaq Mitchell, brother of star fullback Latrell, is a notable inclusion on the list after failing to make first grade in an injury-plagued first year of Bennett's Rabbitohs comeback.
Second-rower Jacob Host, a member of the 2021 grand-final team, and versatile hooker Siliva Havili are the most regular first-graders on the list, while outside backs Mikaele Ravalawa and Fletcher Myers are also leaving.
Haizyn Mellars has signed with the Warriors for next season with the club announcing the medical retirements of fringe players Ben Lovett and Gerome Burns.
Ravalawa will join English side Castleford next year while Host and Havili have previously been linked to clubs in the Super League.
"On behalf of everyone at South Sydney, we wish all of these men and their families the very best of luck with their next moves," said Souths chief executive Blake Solly.
"They will always be regarded as part of the South Sydney Rabbitohs family."
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