In the rebuilding process for the championship, The Owls boss has told local lads Hamshaw and McMahon that they have no future at the club.
The news will come as a blow to both players - Hamshaw has not looked the same player since coming back from two years out on the sidelines while McMahon has missed the majority of the season through injury.
Others released include Zigor Aranalde, Chris Adamson, Paul Smith, Liam Needham and Ross Greenwood while Alex Bruce and Graham Barrett have returned to Birmingham City and Coventry City respectively.
Bullen will sit down with the manager to improve his personal terms otherwise he may leave to be closer to his family while Quinn has said he will definitely sit down as he wants to carry on playing for the club.
Wood has been outstanding this season and deserves a new contract while Lee has missed most of the season but when he has played, he has been impressive.
Sturrock said after Sunday's dramatic play-off win against Hartlepool: "I've got a huge job now because we are three weeks behind as far as mustering some troops up for next season is concerned.
"We know that we need to bring in four, five or even six players who have course and distance in this league - it's important we appreciate next season will be a bite-and-scratch season and we must make sure we are in that league at the end of it."