Wanderers crashed out of the English top-flight on the final day of the league season after a 2-2 draw at Stoke and Coyle has moved swiftly to streamline his squad.
Relegation is likely to cost Bolton around £50 million ($79 million) in lost revenue and Gretar Steinsson, Paul Robinson, Sean Davis, Robbie Blake, Ricardo Gardner, Ivan Klasnic, Mark Connolly, Tope Obadeyi, Rhys Bennett, Dino Fazlic and Tom Eckersley have all been released.
Nigel Reo-Coker has also departed after activating a release clause in his contract, while Tuncay Sanli, Dedryck Boyata and Ryo Miyaichi have returned to their clubs after loans spells.
However, Coyle will still be able to call on striker Kevin Davies and defender Sam Ricketts in the Championship next season as both have signed new contract.
Davies agreed a one-year contract, while Ricketts signed a two-year extension.
Bolton are also in discussions with Jussi Jaaskelainen and Zat Knight over their contracts and Coyle said: "I would like to thank the players that are leaving the club for their work at Bolton. We wish them all well.
"One of those is Ricardo Gardner, who has been with the football club for 14 years.
"He has offered incredible service to Bolton and I'd like to personally thank him for all of his efforts, particularly during the time I have worked with him."
Source: AFP
Source: AFP