The Sky Blues boss penned a new two-year-deal on Monday before the club announced on Tuesday morning eight players would not be offered new deals this summer.
Frank Nouble, Adam Barton, Andy Webster, Shaun Miller, Simeon Jackson, Al Bangura, Danny Pugh and Blair Turgott will all leave the Ricoh Arena.
Nouble scored seven goals in 34 appearances for the club, having joined towards the start of the campaign on loan before signing permanently in January.
Barton, Webster and Jackson also made at least 30 appearances each during the recent campaign but will not be coming back next term.
The club are in talks with Ivor Lawton, Reda Johnson and Marcus Tudgay over new deals while Mowbray hopes to sign loanee Chris Stokes on a permanent deal.