Only props Ben Moon and John Andress are retained from the side routed 33-3 at Northampton last weekend, as Baxter hands chances to young prospects.
Flanker Ben White and full-back Jack Nowell make their debuts for the Chiefs having impressed on their progression through the club's Academy.
Chiefs skills coach Ricky Pellow said: "Saturday is a great opportunity for Jack and a few of the younger lads. I know whenever we have spoken in the past about our A games, we've talked about the young guys coming through and how good they are getting."
Ospreys have also dished out the debuts, with scrum-half Tom Habberfield and flanker Sam Lewis taking their bows.
Eli Walker, Scott Baldwin, Joe Rees, Richard Kelly and Morgan Allen all start for the first time, but James Goode (groin), Gareth Owen (knee) and Nikki Walker (knee) are all ruled out.
Lloyd Peers, Ben Thomas, Tom Grabham, Will Price and Ross Jones are the other youngsters hoping for maiden appearances from the bench.
Exeter: Nowell, Foster, Dollman, Rennie, Sestaret, Steenson (capt), Barrett; Moon, Alcott, Andress, Bentley, Phillips, Ewers, White, Slade.
Replacements: Clark, Fairbrother, Rogers, Muldowney, Walker-Blair, Phibbs, Dorrian, Tatupu.
Ospreys: B Davies, K Phillips, John, S Parker, E Walker, M Morgan, Habberfield; Griffiths, Baldwin, Rees, T Smith (capt), Kelly, King, S Lewis, Allen.
Replacements: M Davies, Jarvis, Cross, Peers, B Thomas, Grabham, Price, Jones.
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The Barbarians are one of the top invitational rugby sides with a long history and classic rugby jersey.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Lions get ready for their matches with this green training jersey. It's what the players wear. Get in the Gear!
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
$29.99
The Lions are ready to get their Australia tour underway. They arrive in Perth on Monday.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.