Connacht head coach Pat Lam said: "It's a tough time of year for players and management who have to make decisions about the future of the squad.
"In the professional game, no squad is ever the same from one year to the next and there are always a number of players moving on.
"These guys have given so much to Connacht Rugby and we have nothing but respect for them as well as appreciation for what they have done.
"Guys like Gavin Duffy exemplify what Connacht Rugby is all about. Born and bred here, he has been a fantastic ambassador for the province and has always conducted himself with the utmost professionalism.
"Over the last two seasons, Parksy (Dan Parks) in particular has contributed massively to the development of our young back-line and I know they have taken a great deal from the wealth of experience he brought with him.
"Gavin, Frank (Murphy) and Parksy all played vital roles in our leadership group this season. They acted as a great support to the management team as well as the other players and there is a lot of respect there for them - both from within the set-up and from the supporters and the wider community.
"All these men are extremely committed and ambitions individuals and I know that they will go on to achieve great things in other areas of their lives, bringing with them the values and skills they have honed at Connacht."
Connacht team manager Tim Allnutt paid particular tribute to his former team-mate Duffy, who starred at full-back for the westerners for many years.
"Gav is one of Connacht's longest-serving players, and someone I had the privilege of playing with myself for two seasons going back over 10 years," said Allnutt.
"It's hard to imagine the place without him. He's achieved so much with the province and also spent three successful years in his early career over in Harlequins.
"He's one of the most respected and hard-working guys that has gone through the ranks at Connacht and I have no doubt that whatever he chooses to do now will bring him great success. I wish himself, Sara and their family all the best for the future.
"Everyone who comes through Connacht contributes to the organisation in some way or another through hard work and dedication.
"Frank has played over 100 games for Connacht while Parksy and Paul (O'Donohoe) have become such a central part of the Connacht family over the last two to three seasons.
"The younger guys who haven't played as many games but have worked just as hard in training and within the organisation deserve all our thanks and appreciation."
Outgoing Players 2013/14: Brett Wilkinson (retired), Gavin Duffy, Frank Murphy, Eoin Griffin (London Irish), Paul O'Donohoe, Dan Parks, Kyle Tonetti (retired), Aaron Conneely, Brian Murphy, Dave Nolan and James Rael
Incoming Players (confirmed) 2014/15: Bundee Aki (Chiefs), Tom McCartney (Blues), Darragh Leader, Jack Carty, Conor Finn and Finlay Bealham (all Academy graduates)