Swans stars Isaac Heeney, Chad Warner and Nick Blakey, as well as Riley Bice and James Jordon, are suspended for the rest of the season in a bombshell sanction by the club.
The players are linked to a police investigation into sexual assault allegations at East Melbourne's Pullman Hotel on Monday morning.
The five, who have not been formally interviewed by police or charged, released a joint statement of apology on Wednesday evening.
"We are deeply sorry to everyone involved," they said in the statement released by the Swans.
"We know that our behaviour has fallen well short of the standards expected of us and the values of our club.
"We know we have let down our partners and families, members, supporters, teammates, the AFLW team, corporate partners and everyone at the club and the wider community.
"We accept the club sanction and apologise for the impact this has had on those involved. Our focus will now be on rebuilding trust with the club and the community."
Earlier, Swans hierarchy stressed the players were suspended for breaching club standards, and independently of the police investigation.
"The only way we can deal with it is to put our foot down incredibly hard, which we've done," Pridham told reporters.
" ... And to effectively torpedo our season by making a decision, it just tells you how serious we're taking it."
Swans chief executive Matthew Pavlich said the club was "deeply embarrassed and ashamed at the poor choices of five of our players, and the impact that's had on the women involved, and also the club, our supporters and so many other people."
"It was staying out late, it was drinking, it was continuing their night, it was bringing women back to the hotel," Pavlich said.
The Swans didn't drug test the five players but Pavlich said: "That's potentially part of the police matter."
Asked if he expected charges to be laid, he replied: "I can't comment on that."
Victoria Police, a day after confirming its Sexual Crimes Squad was investigating, declined any further comment on Wednesday.
Sydney, with one home-and-away game remaining, have locked up second spot on the ladder and are guaranteed two home finals.
Vice-captain Heeney, Warner and Blakey are among Sydney's best players and were in All Australian contention.
But the AFL has now ruled all five players out of being selected for the ceremonial team, while describing their suspensions as "appropriate".
Pavlich hoped there wouldn't be a sponsor backlash, but Heeney, the face of the AFL in the city of Sydney, and the high-profile Warner have been stood down as ambassadors for Telstra.
The five players would be invited back to the club at an appropriate time but their teammates were "incredibly disappointed" in their behaviour, he said.
Pavlich and Pridham emphatically backed Swans coach Dean Cox, who returned to the Melbourne hotel after midnight.
"The staff, coaches, physios, doctors, commercial staff, media people, had a pre-planned get together," Pavlich said.
"They ... had some dinner, and then went out. It wasn't inappropriate what they did."
The Swans host North Melbourne on Sunday, after the club's AFLW team meet Essendon in a double-header at the SCG.
Pavlich said the club's AFLW players were "deeply disappointed" by the controversy, which shocked Governor-General Sam Moystn - a former Swans board member and the first female AFL commissioner.
"My thoughts remain with the alleged sexual assault victim and I hope she is very well supported," Moystn told the ABC.
"I am also devastated for the women of the Swans ... and women across the industry who have been hurt by this incident."
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National Sexual Abuse and Redress Support Service 1800 211 028
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