The English outfit, who finished third in the Aviva Premiership regular season this year, recently revealed Kyle Eastmond, Paul Doran-Jones, Matt Symons and Brendan Macken will depart this summer.
Wasps were in need of adding numbers to their squad and they have managed to add five players from the Championship, including Bedford winger Michael Le Bourgeois, who was recently named RPA Championship Player of the Season and was also part of the Rugby Paper's Championship Dream Team.
London Scottish pair Joe Atkinson and Ross Neal, Nottingham back-row Ben Morris and Bristol fly-half Billy Searle have also been snapped up and will be moving to the Ricoh Arena.
Speaking on the acquisitions, director of rugby Dai Young said: "We have taken a lot of care in scouting these five players and are very much looking forward to working with them when pre-season gets underway.
"All five are exciting prospects who have been stand-out performers in the Championship this season.
"While these signings may not be as immediately eye-catching as Lima Sopoaga or Brad Shields, in their own way they are every bit as important for our future."