Dempsey spent 11 seasons at the Bombers, playing 133 games.
“Courtenay has made a significant contribution to the Club both on and off the field during a career which spanned more than a decade at Essendon,” General Manager of Football, Rob Kerr said.
“He played with flair and courage, was a role model to his young teammates and has worked hard to make a difference in the Indigenous community.
“Courtenay should be extremely proud of what he has achieved at Essendon, and on behalf of everyone at the Club, we wish Courtenay, his partner Danielle and children Chenae, Taitum and Mekhi every success for the future.”
Hams played 13 games in three season, while Nyuon did not make a senior appearances for the Bombers.