An eleventh player, 18 years old, was found still alive and was rushed to hospital.
The players were kidnapped on October 11, in the Venezuelan state of Tachira.
The bodies showed evidence of gunshot wounds. Another five bodies were found in the area, but their identity was not yet clear, according to media reports.
The twelve Colombian players from the Los Maniceros team were kidnapped by a commando of 25 armed men on October 11 during play on an improvised football field.
They were held captive under a bridge. Their bodies were found strewn at various places around the city of Fernando Feo in the province, which borders on Colombia.
The background of the bloodbath is not clear. A spokesman for the regional government of Tachira blamed units of Colombian guerilla group ELN, referring to comments by the lone survivor to date.
“According to information which we have from the survivor, we know that armed units of ELN were led into Venezuelan territory by their so-called commander Payaso,” he said.
Local politicians earlier said a Venezuelan guerrilla group had kidnapped the victims. (with DPA)