"It's a privilege to play college football and to be a part of this team and University," Georgia coach Mark Richt said in a statement. "Along with that privilege comes certain responsibilities. Mistakes were made, and part of our job is helping them learn from mistakes. Going forward, we are committed to assisting them find opportunities where they can continue their education."
Multiple sources said Seay and Marshall were connected to an incident involving the theft of money.
"Me and Nick's mother were informed this morning by Georgia that Nick was no longer on the team," Marshall's coach at Wilcox County High School, Mark Ledford, said Friday morning. "Any other details would need to be released by the university."
The trio came to Georgia a year ago as members of a heralded class of recruits, with Marshall contributing as a true freshman last fall. Sanders played the first three games before suffering a season-ending injury, and Seay redshirted.
Marshall played quarterback in high school, but contributed at cornerback and on special teams for the Bulldogs last season.
After appearing in 13 games in a reserve role and making five tackles, Marshall was expected to compete for more playing time at cornerback in 2012. Sanders also likely would have figured more heavily into the Bulldogs' plans in the secondary.
Seay would have joined a big group of contenders at receiver, as everyone will return from last season except for senior Israel Troupe. Justin Scott-Wesley is coming off a redshirt season, and Blake Tibbs will enter the mix after signing with the Bulldogs on Wednesday.
David Ching covers University of Georgia sports for DawgNation. He can be reached at firstname.lastname@example.org.