The former Demons captain only managed two senior games this year and seven over the last four seasons, thanks to a serious foot injury that needed two operations.
Melbourne also cut ruckman Jake Spencer yesterday, along with Liam Hulett and rookie Mitch White.
Trengove was the No.2 pick in the 2009 draft and played 86 games in eight seasons with the Demons.
In 2012, new coach Mark Neeld made the controversial decision to make Trengove and Jack Grimes co-captains.
At 20, Trengove was the youngest captain in the game’s history and he stayed in the post for two seasons.
He suffered a navicular bone fracture in 2014 and missed all the 2015 season.
Trengove nearly joined Richmond at the end of 2014, but the injury meant the move did not go ahead.
He is a highly-respected figure at Melbourne and there was plenty of goodwill for his AFL comeback last season.
“He leaves having captained the club through some tough times and having provided genuine leadership to all his teammates, particularly the younger players coming through in recent times,” said Demons football manager Josh Mahoney.
But club great David Schwarz hit out at Neeld, saying his tenure cost both Grimes and Trengove their careers.
“Mark Neeld’s two years at Melbourne Football Club tore the joint apart,” Schwarz said on SEN’s The Run Home yesterday.
“He ruined two kids in the process. One was Jack Trengove… the other was Jack Grimes who left last year.
“It was far too young to give those two boys captaincy … They got rid of (previous skipper) James McDonald the year before but my goodness me.”
Meanwhile, utility Ryan Harwood leads five delistings at Brisbane.
The Lions also cut Jarrad Jansen, Jonathan Freeman, Josh Clayton and rookie-listed player Blake Grewar.
But the manager of No.2 draft pick Josh Schache has said the key forward will not request a trade.
There was more speculation about Schache’s future when he did not play for the club in the NEAFL grand final and instead returned to Victoria, his home state.
But manager Dave Trotter told Fairfax that Schache is very happy at the Lions.
Harwood had played 81 games since his 2010 and has struggled with injuries.
A badly-cut foot meant he did not play senior football after round 13 this season.
Also yesterday, Collingwood announced that Tyson Goldsack had signed a one-year contract extension.
The 30-year-old is coming off one of the best seasons of his career and has played 151 games for the Magpies.
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