Newcomer Karlie Kloss and veteran Doutzen Kroes are leaving the brand.
It's rumored more Angels could follow, according to Stephanie Smith at Page Six.
Modeling for Victoria's Secret is notoriously demanding, and led to former Angel Miranda Kerr leaving to work on other projects.
Kloss is leaving to study at NYU, while Kroes reportedly has lucrative opportunities in Europe.
Page Six suggests that Victoria's Secret doesn't pay models as much as it used to.
"Older contracts like Alessandra Ambrosio were in the millions, now they're like $100,000," Stephanie Smith writes.
Victoria's Secret hires about 10 models to act as "Angels" that represent the brand. The spots are coveted because they offer unprecedented exposure in the industry.
Angel Miranda Kerr left the brand in 2013 amid reports that the lingerie brand was too demanding.
Earning a spot walking in the Victoria's Secret Fashion show is a highly complicated and political process.
Victoria's Secret executives rely on one specific quality to sell underwear, Richard Habberley at DNA Model Management told Women's Wear Daily:
"The merchants drive the decisions on the Angels. They [Victoria's Secret] try the girls out, and certain girls sell product. They're women that appeal to other women. And they're special because they never appear in men's magazines. Once you start to do that, they become threatening [to potential female customers]," said Habberley.
In other words, it's imperative that Victoria's Secret customers like the models it features.
It also sheds insight into why the retailer famously rejected Kate Upton. Her constant sexy pictorials and commercials are threatening to other women and would turn off potential customers.
Being a Victoria's Secret Angel pays off. Eight of the top 10 highest-paid models in the world have worked for the retailer.
"Becoming an Angel significantly increases a model's earning potential due to their visibility around the world," Habberly told WWD. "It changes the girls' careers completely."