Adam Birchall, Michael Leary, Nicky Nicolau and Ran Kadoch have all been told they have no future at the club, joining Max Porter who heard his fate decided last week.
"Releasing players is not a pleasant job but the sole aim is to take Barnet FC forward," Hendon told his club's official website. "Perhaps it is time for a change for both club and players."
Hendon also admits he "is quietly confident" that out-of-contract Bishop will remain at the club despite reports linking him with a return to the north of England.
Ismail Yakubu has also been offered a new deal to remain in north London.