Paddy Jackson and Stuart Olding have had their contracts terminated by the IRFU and Ulster Rugby after an internal review was called.
Both men were found not guilty of the rape of a 19 year old girl in June 2016.
Mr. Jackson was also found not guilty of sexual assault.
The pair have faced criticism for other aspects of their behaviour and several major sponsors of Ulster Rugby have raised concerns.
Their Ulster team-mate Craig Gilroy was also sanctioned following a text message he sent following the alleged incident, and will be unavailable for selection until April 26th.
In a statement, the IRFU and Ulster rugby said they acknowledge their responsibility and commitment to the core values of the game.