Unpaid wages, lack of a main shirt sponsor and low crowds have left one of the world's most famous clubs in a precarious situation.
Brazilian midfielder Arouca and Chilean full back Eugenio Mena left the club this week after going to court to abrogate their contracts following non-payment of wages.
Goalkeeper Aranha has missed training and could follow suit, while unhappy striker Leandro Damiao moved to champions Cruzeiro.
The club issued a statement saying they had come up with two months of back pay, but it was too late for some players who had not received wages since September and did not get their Christmas bonus or image rights.
"Everyone has to look after their own rights," striker Robinho, who is back at Santos on loan from AC Milan, told reporters on Wednesday.
"Even though I'm an idol here, my salary is the one that is most in arrears.
"This isn't normal here," the former Real Madrid forward added. "Maybe it is normal at other clubs."
Santos splashed out to keep Neymar and the star-studded squad that won them the Libertadores Cup in 2011 for the first time since Pele played in the 1960s.
But like most Brazilian sides they were living way beyond their means.
In spite of their storied history, Santos are one of Brazil's smaller clubs. An average of just 9,243 people turned out to see them at home last year -- only three Italian Serie A teams had less spectators.
They are also one of several top Brazilian sides who no longer have a major shirt sponsor. The top 20 clubs owe more than 5 billion Reais and many of them routinely fail pay their players and staff on time.
FINANCIAL MELTDOWN
The financial meltdown is particularly alarming given Santos's reputation as a well-run club who regularly produce talented youngsters.
They sold Robinho to Real Madrid for 30 million euros (22.96 million pounds) in 2005 and Paulo Henrique Ganso to Sao Paulo in 2013 for 53 million Reais (13.26 million pounds), a record between Brazilian clubs.
Felipe Anderson went to Lazio for a reported 7.5 million euros in 2013 and Walter Montillo was sold to Shandong Luneng for the same fee in 2014.
Most famously, Neymar headed to Barcelona for 86 million euros, although the player and his agent father got most of the money.
"It's been one error after another," columnist Guilherme Gomes Pinto wrote in the Lance! sports newspaper this week.
"An analysis of the club's situation is frightening even to the most optimistic Santista. It will not be a surprise if the (club) have a season that is complicated, disappointing or even embarrassing."
The current stampede for the door has been partially offset by the signings of old favourites. Ricardo Oliveira, the former Betis and Zaragoza forward who was without a club, is back on a short-term deal and former Manchester City midfielder Elano has returned for a third spell.
The departures of Mena and Arouca are costly twice over because the club lost the players and, with the contracts abrogated, any right to make money by selling them.
Morale is low and the side that finished in ninth place last year may struggle to improve on that in 2015.
"We - the players - have to be patient," Robinho said. "The answer is to work because sooner or later the money will arrive."
(Editing by Ed Osmond)
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