The players are Michael McLeod, Dillon Dube, Cal Foote, Alex Formenton and Carter Hart, and all were with the National Hockey League (NHL) when the allegations surfaced, although one was playing in Europe.
In a statement on Thursday, the league said they remain “ineligible” to playin the NHL pending a review of the judge’s findings.
The players declined to speak to the media after the decision and their lawyers each offered statements on their behalf.
Lawyer David Humphrey, who represented Mr McLeod, said that his client is relieved.
“For years, public perception was shaped by a one-sided narrative”, Mr Humphrey said, adding that the damage to Mr McLeod’s career and reputation “has been significant”.
Lawyer Karen Bellehumeur, speaking on EM’s behalf, said the woman had tuned in to Thursday’s hearing virtually and was “very disappointed” with the judge’s assessment of her credibility.
“When a person summons the courage to disclose their story, the worst possible outcome is to feel disbelieved,” said Ms Bellehumeur.
The central issue of the trial was whether EM, who was 20 at the time of the incident, had consented to every sexual act in the hotel room that night.
Court heard that the woman had met the players at a bar and later went back to the hotel room to have consensual sex with Mr McLeod. Other players then entered the room and engaged in further sexual acts with her.
Lawyers for the players contended that she asked the men to have sex with her and they believed she gave consent.
EM, however, testified that she was intoxicated and felt fearful of the men. While she had initially agreed to have sex with Mr McLeod, she testified that she did not agree to what unfolded afterwards.
Only one player, Mr Hart, testified in his own defence.
The trial attracted significant attention in Canada. Many people had attended court to hear the ruling on Thursday, forcing clerks to open two additional overflow rooms.
Some of the players appeared visibly relieved in Thursday’s hearing after Justice Carroccia revealed that she was not convinced with EM’s testimony.