The three young men are Ian Sheriff, BrendonCarriere and GuillaumeTremblay.
They were accused of sexually assaulting a former Concordia University student in September 2011.
In court today, the Crown prosecutor said new information had come to light over the weekend which called into question the key witness's story.
"A witness has been found whose testimony corresponds to the truth," said Debora de Thomasis, the lawyer for Guillaume Tremblay. "My client is very happy."
The three Redmen players were charged with sexual assault and confinement in April 2012 and and were allowed to continue to play on the football team, quitting only after news of the charges became public more than a year later.
The three young men have maintained their innocence all along.