The mishap occur when the car they were travelling in rammed into a tree in Jaito area of the district.
Deputy Singh and Ranjit Singh were killed on the spot, while players Lakhvir, Balvir, Jasvir and Amandeep sustained injuries and had been hospitalised, police said.
The injured were out of danger.
The students were returning with two other people after taking part in 60th National School Games being held at village Badal, they said.
The Chief Minister also directed the district authorities to provide the best medical facilities and treatment to the injured at free of cost, an official spokesman said.